ADDRESS, 


GENERAL  COMMITTEE 


WHIG  YOUNG  MEN, 


N  E  W  YORK  CITY, 


YOUNG  MEN  OF  THE  STATE." 


WITH  NQTES, 

BY  A  DEMOCRATIC  REPUBLICAN. 


M  Free  and  fair  discussion 

Will  e'er  be  found  the  firmest  friend  to  truth. 


Campbell. 

Errors  ceasing  to  be  dangerous,  when  it  is  permitted  freely  to  contradict  them." 

Virginia  Statute  for  Religious  Freedom,  drawn  by  Jefferson. 


1834. 


TO  THE  YOUNG  MEN 


OF 

NEW-YORK. 


The  Young  Men  of  the  City  of  New- York,  profoundly  impressed  with  the  be- 
lief that  our  rulers  have  deviated  from  some  of  the  essential  principles  on  which 
our  Republic  was  founded,  and  that  our  free  institutions  are  in  danger,  venture 
to  address  themselves  on  these  momentous  subjects,  to  their  fellow-citizens 
throughout  the  State.  Actuated  by  no  selfish  motives,  and  firm  in  our  reliance 
upon  the  magnanimity  of  those  we  address,  we  ccme  before  them  uncalled  for, 
not  fearing  the  imputation  of  presumption. 

We  address  ourselves  particularly  to  those  of  our  own  class,  the  Young 
Men  of  New- York :  to  them  we  appeal,  sympathizing  with  us  in  all  our 
feelings  and  in  all  our  interests,  and  earnestly  solicit  their  co-operation  to 
rescue  the  State  from  the  hands  of  a  party  which  has  disgraced  her. 

We  feel  how.  strongly  the  ambition  natural  to  our  years  sways  us  to  follow 
in  the  train  of  power,  and  participate  in  the  glittering  honours  she  dispenses. 
The  party  we  are  called  upon  to  oppose  can  reward  and  can  punish.  But  there 
is  a  redeeming  spirit — a  generous  and  uncalculating  spirit,  which  dares  to 
follow  the  dictates  of  virtuous  sentiments — animated  by  which,  the  Young 
Men  of  New-York  will  spurn  and  trample  under  their  feet  the  richest  gifts 
of  a  party  whose  liberality  is  only  surpassed  by  its  profligacy,  if  those  gifts 
are  to  be  purchased  by  the  curtailment  of  one  iota  of  liberty  of  opinion,  or  of 
action. 

The  time  is  drawing  nigh  when  the  People  are  to  express  their  sentence  of 
approbation  or  condemnation  on  those  who  have  ruled  over  them.  Is  it  to 
be  expected  that  a  treacherous  servant,  who  has  betrayed  his  master,  and 
robbed  his  house,  should  submit  himself  to  a  fair  trial  ?  No ;  we  should  be  in- 
fatuated not  to  see  that  the  Regency  rest  their  cause,  not  upon  its  merits,  but 
upon  deception,  intrigue,  falsehood,  bribery,  and  violence.  They  are  too 
guilty  to  be  defeated.  Exposure  follows  defeat,  and  infamy  exposure.  If 
they  fall,  "they  fall  like  Lucifer,  never  to  rise  again."  It  is,  therefore, 
with  them,  a  death  struggle  ;  and  their  efforts  are  superhuman,  to  blind, 
mislead,  and  cheat  the  high  tribunal,  before  which  they  are  compelled  to 
apppear.* 


*  It  cannot  be  denied,  that  "  superhuman  efforts  to  blind,  mislead,  and  cheat," 
are  indisputable  proofs  of  a  desperate  cause.  I  am  then  meeting  the  committee 
on  fair  ground,  in  attempting  to  answer  directly  and  candidly  their  specific  com- 


It  is  time  for  the  friends  of  liberty  and  equal  rights  to  arouse  themselves, 

to  watch  the  operations  of  the  Regency  as  they  would  the  movements  of  an 
incendiary — to  mark  the  thousand  falsehoods  they  scatter,  and  extinguish 
them  when  they  fall.  Let  our  efforts  be  proportioned  to  the  importance  of  the 
object  for  which  we  contend,  and  to  the  strength  and  desperate  exertions  of 
our  oppo  :ents.  If  the  it  -gency  triumph  now ,  they  l  riumph  l<»r  ever — corrup- 
tion  will  -  come  incurable,  and  error  inveterate.  Power  may  change  hands, 
but  it  i  ev<  r  will  return  to  the  people*  Parties  with  various  names  will  gain 
the  asc  M-dancy  in  succession,  but  the  equal  rights  of  all  will  be  regarded  by 
none.  The  fatal  doctrine  that  the  Stile  belongs  to  the  dominant  party,  will 
be  professed  by  all,  till  at  length,  each  succeeding  conqueror  becoming  more 
vin  lictive  than  the  last,*  the  oppression  of  the  minority  will  become  intolera- 
ble, and  the  feverish  existence  of  the  State  terminate  in  the  convulsions  of 
anarchy.  If  ever  the  monstrous  principles  introduced  by  the  Regency  can 
be  extirpated,  now  is  the  time — and  if  there  is  one  man  in  the  State  who 
understands  those  doctrines,  and  the  slavish  consequences  to  which  they  lead, 
and  will  not  give  all  his  power  to  aid  in  extirpating  them  from  the  land,  he 
does  not  love  his  country — he  is  a  tory  now,  and  would  have  been  a  tory  had 
lie  lived  in  the  glorious  day  when  we  wrested  our  liberty  from  the  grasp  of 
British  power. 

Doubtless  there  are  thousands  of  our  citizens,  honest  and  unbiassed,  who 
have  no  oiyjeot  but  the  good  of  the  State,  hut  who  are  ignorant  of  the  encroach- 
ments which  the  Regency  have  made  upon  Democratic  usages  and  Republican 
principles.  Many  would  be  startled  at  the  assertion  that  New- York  is  no 
longer  a  Republic — many  are  not  aware  that  she  now  is,  and  has  been  for 
several  years,  governed  by  a  cabal  at  Albany,  composed  of  six  or  seven  per- 
sons,  called  a  Regency,  not  chosen  by  the  people,  nor  responsible  to  them  ; 
yet  the  fact  is  undenied,  even  by  "the  Party,"  and  undeiiiable.f  If,  then,  we 
 jfcj  

plaints,  with  a  view  to  show  that  they  are  wrong  in  all  their  positions,  and  are 
certainly  misleading  the  public.  It  is  difficult  to  answer  general  denunciations 
(with  which  this  address  abounds)  except  by  a  flat,  denial;  but  whenever  proofs 
or  particulars  are  given,  we  have  then  a  fair  opportunity  by  investigation  of 
arriving  at  the  truth.  With  this  remark  I  undertake  the  task,  and  hope  to 
ehow,  by  a  review  of  the  address,  which  party  has  the  most  regard  for  truth  and 
fair  dealing,  the  one  who  publishes  this  address,  or  the  one  it  so  violently 
attacks  and  vilifies. 

*  This  should  be  noted  in  order  to  judge  whether  the  fulfilment  does  not 
accompany  the  prophecy. 

f  The  first  part  of  this  paragraph  is  certainly  true  ;  but  the  latter  cannot  be 
admitted.  That  there  is  or  has  been  any  such  body  or  set  of  men  as  is  termed 
a4'  Regency,"  has  constantly  been  denied  by  the  democratic  party.  They  denounce 
it  as  an  idle  phantom  of  the  imagination,  without  shadow  or  substance.  If 
there  is  such  a  body,  the  individuals  composing  it  should  be  named,  that  they 
may  be  watched,  and  their  dangerous  designs  delected.  Is  it  not  too  monstrous 
a  charge  to  be  imputed  without  evidence  or  data  of  any  kind,  that  this  great  state, 
and  six  successive  legislatures,  composed  of  freemen,  freely  chosen  by  the  people, 
including  in  their  number  some  of  the  first  men  in  the  community,  have  basely 
submitted  themselves  to  be  "  governed  by  a  cabal  at  Albany  composed  of  six  or  se- 
ven persons?"  There  are  men  at  Albany  "  chosen  by  the  people,"  and"respon- 
ble  to  them,"  who  are  undoubtedly  possessed  of  power;  but  their  possession  of 
it  arises  from  the  confidence  reposed  in  them.  Confidence,  it  is  said,  "  is  a 
plant  of  slow  growth,"  and  should  not  readily  be  transplanted  into  other  Boile; 


5 


look  at  substance  and  not  at  form,  how  can  we  characterize  the  government 
of  New-York  but  as  an  odious  oligarchy,  under  the  cloak  of  a  Republic  ! 
Our  citizens  are  not  aware  of  the  new  code  which  has  been  substituted  by 
the  Regency,  for  the  Republican  principles  of  '76. 

The  Democrats  of  the  old  school  contended,  and  pledged  "  life  and  fortune 
and  sacred  honour"  in  the  contest,  that  the  government  belongs  to  the  people. 
By  the  Regency  code,  the  government  is  declared  to  "belong  to  the  party." 
The  old  doctrine  was,  that  44  all  offices  and  honours  are  created  by  the  people 
for  their  own  use."  By  the  Albany  code,  they  are  declared  to  be  made  for  the 
use  of  the  party.*  The  fundamental  principle,  that  the  safety  of  the  people 
is  the  supreme  law,  is  erased  from  the  new  book  of  democracy,  and  in  its 
place  appears,  in  black  capitals,  the  monstrous  doctrine,  that  the  safety  of  the 
party  is  paramount  to  all  laws  and  all  obligations,  public  or  private.  In  short, 
all  the  golden  rules  of  freedom,  which  were  first  reduced  to  practice  on  the 
establishment  of  our  own  happy  government,  the  Regency  have  perverted 
with  Jesuitical  ingenuity  into  a  code  of  slavery — a  set  of  rules  for  the  subju- 
gation of  the  many  to  the  few — a  manual  for  the  guidance  of  a  band  of  con- 
spirators, in  their  atrocious  attempts  to  monopolize,  to  their  particular  use,  the 
common  rights  of  the  people,  and  wrest,  to  their  individual  benefit,  the  public 
interests  of  the  State. 

These  are  not  light  assertions,  but  solemn  charges,  for  the  proof  of  which 
we  appeal  to  the  public  documents,  and  especially  to  the  legislative  records  of 
the  State  for  the  last  six  years. 

At  the  commencement  of  the  session  of  1829,  Martin  Van  Buren  took  pos- 
session of  the  gubernatorial  chair,  and  all  ihe  departments  of  the  State  gov- 
ernment came  under  the  control  of  the  Regency  ;  and  have  so  continued  to  the 
present  time — a  period  of  six  years — a  period  which  will  be  ever  a  memorable 
epoch  in  the  history  of  New- York. f  When  they  came  into  power,  they 
found  our  system  of  internal  improvements  planned,  and  the  great  outline 
completed.  Our  Common  School  system  flourishing  beyond  precedent — 
our  Penitentiary  system  the  admiration  of  every  other  State  and  Nation:): — 

certainly  not  until  it  clearly  appear  that  the  latter  are  better  adapted  for  its 
growth  and  preservation.  All  these  loose  and  general  remarks  about  u  the 
Regency,"  must  be  passed  over  until  we  arrive  at,  specifications. 

*  Bad  as  this  rule  is,  the  opponents  of  the  administration,  when  thev  have  had 
the  control  of  the  corporations  of  our  cities,  have  not  hesitated  to  act  upon  it 
with  gr°at  rigour. 

T  The  first  specification  then  is,  that  in  1829  '*a//  the  departments  of  the  govern- 
ment cqrne  wider  (he  control  of  the  Regency."  Not  knowing  what  individuals 
are  supposed  to  constitute  "the  Regency,"  I  cannot  answer  this  statement  so 
clearly  as  I  otherwise  might.  The  Supreme  Court  has  in  another  place 
"perhaps"  been  excepted  from  the  charge.  Chief  Justice  Savage  and  Judge 
Sutherland,  composing  a  majority  of  the  court,  wore  appointed  in  January,  1823, 
and  have  been  on  the  bench  ever  since.  William  L.  Marcy  was  Comptroller  in 
18^9,  and  had  been  so  since  1823.  Azariah  C.  Flagg  was  appointed  Secretary 
of  State  in  1826,  under  Governor  Clinton,  and  held  that  station  until  he  was 
appointed  Comptroller,  which  latter  office  he  now  fills.  Abraham  Keyser  was 
elected  Treasurer  in  1826,  and  still  holds  the  office.  (See  Williams'  Register 
tor  1831.)  A  majority  of  the  legislature,  ever  since  1825,  has  been  of  the  same 
political  complexion.  So  that  there  was  no  change  in  any  of  the  other  depart- 
ments when  Mr.  Van  Buren  became  Governor.  How  they  came  under  the 
control  of  the  Regency  it  is  not  easy  to  discover. 

I  No  merit  then  is  allowed  for  carrying  out,  executing,  and  enlarging  these 
•everal  systems. 


6 


our  admirable  code  of  laws  projected,  and  in  the  progress  of  execution* — 
our  commerce,  our  agriculture,  and  our  manufactures,  pouring  wealth  into 
the  bosom  of  the  State — our  finances  in  a  flourishing  condition,  no  tax  upon 
the  people,  and  a  general  fund  of  near  82,000,000  to  defray  the  expenses  of 
governmentf — the  currency  of  the  State  supplied  by  thirty-four  State  Banks, 
sound  and  adequate  to  the  business  of  our  citizens,  which  was  never  more 
widely  extended,  or  more  lucrative.^ 

Such  was  the  condition  of  our  State  in  1829,  when  the  Regency,  with  Mr. 
Van  Buren  at  their  head,  obtained  the  entire  control,  which  they  have  re- 
tained  to  the  present  time;  and  we  now  ask  lor  some  great  public  work  du- 
ring this  period — seme  improvement  in  the  finances  of  the  State,  or  in  the 
prosperity  of  the  people — some  public  monument  of  permanent  benefit,  which 
may  be  referred  to  as  proof  of  statesmanship  or  zeal  for  the  public  good?§ 
We  search  the  records  in  vain  f»r  any  tiling  of  the  kind.  We  ask  again,  if 
the  current  of  public  and  private  prosperity,  which  was  so.  full  in  1828,  has 
been  preserved  undiminished  ?  No;  the  public  expenses  have  been  increased, || 
and  the  general  fund  reduced  nearly  a  wjillion  of  dollars.^ 

*  It  may  be  worthy  of  notice,  that  one  of  the  principal  and  host  revisers  of  the 
laws  is  now  the  Attorney  General  of  the  I  tailed  States,  and  that  he,  as  well  as  a 
majority  of  the  very  legislature  who  passed  those  laws,  are  now  branded  as 
"  Tories." 

f  The  profits  of  the  general  fund  were  insufficient  to  pay  the  ordinary  ex- 
penses of  government,  and  the  capital  was  encroached  upon  b'forc  the  election 
of  Mr.  Van  liuren.    (See  Ins  message.) 

I  The  number  of  banks  in  operation  when  Mr.  Van  Buren  came  into  office  in 
1 829,  was  forty  (instead  of  thirty-four).  This  was  stated  in  his  message.  Their 
names  are  shortly  as  follows: — New-York,  Albany,  Columbia,  Manhattan, 
Farmers',  State, Merchants',  Mohawk,  Mechanics',  Union,  Mechanics'  and  Farm- 
ers', Troy,  Jlidd/e  District,  Ncwburgli,  Utica,  America,  City,  Ontario, 
Lausingburgh,  Catskill,  Orange  County,  Jefterson  County,  IJhenix,  Washington 
and  Warren,  Geneva,  Auburn,  Central,  Greene  County,  Chenango,  Frunklm, 
North  River,  Tradesmen's,  Delaware  and  Hudson,  Rochester,  Chemical,  Fulton, 
Long  Island,  Dry  Dock,'  Dutchess  County,  and  Commercial  of  Albany.  (See 
an  official  li&t  of  incorporated  companies,  with  the  dates  of  their  charters,  in  the 
journal  of  the  Senate  of  1823,  at  page  93.  The  book  is  at  the  County  Clerk's 
office.)  As  to  the  soundness  of  these  banks,  it  will  be  noticed  that  five  of  the 
above  (italicised)  broke  within  two  years  after  that  time.  Three  had  broken 
previously,  viz.  the  Niagara,  Plattsburgh,  and  Hudson  banks.  Of  the  forty 
above  named,  there  were  thirty-one  whose  charters  expired  within  one,  two, 
and  three  years.  As  to  the  extent  of  business,  "  the  public  and  private  pros- 
perity," in  1827-8.  let  the  merchants  answer  for  themselves. 

§  I  might  answer  this  inquiry  by  referring  to  the  law  recommended  by  Mr. 
Van  Buren  to  prevent  bribery  at  elections  ;  to  the  law  recommended  by  Governor 
Marcy  authorizing  the  Chenango  Canal ;  and  to  various  other  laws  ;  but  they 
are  not  very  palatable  to  the  opposition.  The  fault,  I  beJieve,  has  been  in  legis- 
lating too  much.  And  it  is  not  enough  for  our  opponents  to  say  even  that 
nothing  has  been  done.  They  must  go  farther,  and  show  what  should  have  been 
done.  We  hear  not  a  word  from  them  on  that  subject.  They  confine  them- 
selves wholly  to  finding  fault,  (always  an  easy  task.)  and  profess  as  their  creed 
no  principle  of  action,  but  simply  opposition.  VVnat  great  public  work"  will 
they  attempt  if  placed  in  power?    No  one  can  imagine. 

||  "The  public  expenses  have  been  increased;"  but  nothing  in  comparison 
with  the  increase  of  population  and  business.  Our  state  government  is  generally 
acknowledged  to  be  economical.  It  has  rather  the  character  of  parsimony  than 
of  profuseness. 

%  There  have  been  no  direct  taxes  since  1327.    The  general  fund  has  been 


7 


The  history  of  the  Regency  administration  is  a  history  of  pillage  and  of 
spoil.  Not  only  every  department  of  the  government,  with  the  exception, 
perhaps,  of  the  higher  Courts  of  Justice,  but  all  the  literary,  eleemosynary, 
and  financial  institutions — all  the  incorporations  for  manufacturing  purposes, 
for  turnpikes,  rail  roads,  and  canals ;  every  thing  which  has  come  collaterally 
under  the  control  of  government,  has  been  seized  upon,  and  made  an  engine  to 
sustain  the  party  and  subdue  the  people.* — The  Legislature  has  been  con- 
verted into  a  Star  Chamber,  to  inquire  into  political  offencesf — a  Court  of 
Prizes,  where  rival  champions  contest  their  claims  to  booty,  and  where  none 
are  sure  of  reward  who  do  not  prove  themselves  to  have  merited  the  fate  of 
traitors  to  the  people.  . 

There  are  but  two  measures  of  the  Regency  which  rise  above  petty  tra- 
fic  in  corporation  charters  and  grants  of  exclusive  privileges,  and  these  are 
— the  act  establishing  the  Safety  Fund,  and  the  act  making  the  Six  Million 
Loan.J 

The  theory  of  the  Safety  Fund  is,  that  each  bank  pays  3  per  cent*  on  its 
capital  stock,  which  is  held  by  the  government  as  a  fund  to  indemnify  the  de- 
positors and  bill  holders  against  loss.§    How  far  it  is  calculated  to  insure 


reduced  *•  by  the  liberal  contributions  it  has  yielded  to  all  the  other  funds;  by 
the  payment  of  the  state  debts ;  and  by  furnishing,  unaided .  for  the  last  five  years, 
all  the  means  fur  the  ordinary  and  extraordinary  expenses  of  the  government." — 
(Governor  Marcy's  message  of  January,  1833.)  Among  other  causes  of  its  re- 
duction, the  losses  of  the  other  funds  to  a  large  amount,  by  the  failure  of  the 
banks  before  named,  which  had  to  be  made  up  from  it,  hold  a  prominent  place. 

*  The  simple  and  conclusive  answer  to  all  this  is,  that  a  large  majority  of  these 
very  institutions  are  in  the  hands  and  under  the  control  of  the  opposition.  Any 
one  by  inquiries  may  satisfy  himself  of  the  fact. 

f  Any  thing  similar  to  the  United  States  Senate? 

t  There  are  then  at  least  two  subjects  upon  which  our  legislature  has  acted 
within  the  last  six  years,  that  are  admitted  to  be  of  some  consequence.  Jt  may 
here  be  seen  what  particular  subjects  are  considered  of  paramount  importance. 

j  This  is  certainly  a  very  imperfect  description  of  the  safety  fund.  By  the 
law,  one  half  per  cent,  is  to  be  paid  annually  until  three  per  cent,  be  paid.  Then 
no  farther  payments  are  to  be  made  until  the  fund  be  diminished  by  an  insol- 
vency. Whenever  this  shall  take  place,  the  payments  must  again  commence, 
and  be  cortinued  until  the  fund  be  made  whole.  Commissioners  are  appointed, 
(one  by  the  Governor  and  Senate,  and  two  by  the  banks,)  who  are  bound  to 
visit  each  bank  every  four  months,  and  oftener  if  required,  and  to  examine  its 
books  and  proceedings,  » thoroughly  to  inspect  its  affairs,"  4i  to  compare  the 
funds  and  property  with  the  statements,"  "  to  ascertain  the  quantity  of  specie 
on  hand,"  ,k  the  actual  condition"  of  the  bank,  and  its  "  ability  to  fulfil  all 
engagements.*'  They  may  examine  every  officer  and  agent  on  oath  relative  to 
its  transactions,  and  must  apply  for  an  injunction  if  they  find  anything  wrong. 
(See  an  imperfect  sketch  of  the  law  in  Williams'  Register  for  1*834.)  Under 
such  a  system,  and  under  the  watchfulness  created  by  the  interest  of  each  bank 
to  prevent  any  misconduct  of  the  others,  it  seems  to  me,  excellent  regulations 
have  been  provided,  as  well  to  prevent  failures,  as  to  remedy  their  consequences. 
That  the  law  has  been  successful,  is  abundantly  proved  by  the  fact,  that  no  one 
of  the  Safety  Fund  Banks  has  faihd  ;  and  this  notwithstanding  a  commercial 
panic  and  pressure  levelled  particularly  against  them,  which  was  perhaps  with- 
out a  parallel  in  the  history  of  the  country3.  It  will  be  seen  that  by  far  the  most 
important  feature  of  the  law,  the  office  and  duty  of  the  commissioners,  is  care- 
fully excluded  from  the  address.  It  is  their  visitation  at  any  hour  which  prevents 
(so  tar  as  human  foresight  can  prevent)  the  possibility  of  fraudulent  directors 


8 


this  object  may  be  inferred  from  the  fact,  that  on  the  4th  of  .March  last  the 
fund  amounted  to  only  $289,046  43 ;  at  the  same  tins  the  liabilities  of  the 
Safety  Fund  Banks,  exclusive  of  their  capital  stock,  wen-  So*  l,.r):}5,041 . 
Two  hundred  and  eighty-nine  thousand  dollars  to  guarantee  the  safety  of  a 
debt  of  34,5:35,041  dollars  !  Ranks  arc  necessarily  intimately  connected 
with  each  other,  and  the  same  general  causes  are  acting  upon  all ;  and  expe- 
rience shows  that  they  do  not  fail  alone — the  failure  of  one  produces  the  fail- 
ure of  many.  Sixty-nine  banks  owe  thirty-four  and  a  half  millions,  a  little 
more  than  half  a  million  each,  and  in  case  of  failure  the  whole  Safety  Fund 
would  pay  but  little  more  than  half  the  debt  of  one  bank  !  Another  impor- 
tant consideration  is,  that  the  fund  does  not  increase  in  proportion  to  the  in- 
creased liabilities  of  the  Hanks.  For  example,  suppose  no  more  banks  arc- 
chartered,  in  1837  the  present  sixty-nine  banks  will  have  completed  their 
payment  of  3  per  cent,  to  the  fund.  *  The  fund  will  then  amount  to  8072.600, 
0  at  which  point  it  will  remain  stationary.    Hut  the  business  and  wealth  of 

the  country,  advancing  as  it  has  advanced,  the  circulation,  deposits,  and  other 
liabilities  of  the  banks,  will  be  doubled  in  fifteen  years — and  in  1852, 
$672,000  will  be  the  safety  fund  to  guarantee  the  payment  of  800,000,000 ! 
Can  any  thing  more  absurd  be  imagined  !* 

It  is  said  in  reply,  that  other  bank-  will  !>'•  established,  and  the  fund  con- 
stantly accumulated  by  their  contributions. 

This  is  true,  and  furnishes  a  startling  objection  to  the  whole  scheme.  It 
proves  that  the  system  presents  a  constant  temptation — a  premium  for  the 
incorporation  of  new  banks.  It  tends  irresistibly  to  cover  the  country  with 
banks,  and  inundate  the  people  with  paper  money.  The  Legislature  are 
naturally  biassed  by  the  desire  to  accumulate  a  fund  placed  under  their  con- 
trol— the  people  are  lulled  into  security  by  the  deceptive  name  of  safety.  A 
few  years  will  see  a  bank  established  in  every  village  in  the  state,  till  specie 
will  disappear,  and  the  whole  property  of  the  people  be  converted  into 
paper.f 


withdrawing  or  wasting  the  funds  of  the  institutions.  Other  startling  facts 
require  no  comment.  They  are  these  :  at  least  too  thirds  of  the  stock  of  all  the 
banks  in  the  several  cities  are  owned  by  the  present  opponents  of  the  adminis- 
tration. The  stock  of  the  country  banks  is  more  equally  divided,  but  even  of 
that  they  have  probably  a  large  majority.  On  them,  therefore,  falls  the  duty  and 
responsibility  of  electing  a  majority  of  the  bank  commissioners. 

*  Those  who  object  to  any  security,  thus  complain  that  the  security  is  insuf- 
ficient. But  is  their  mode  of  stating  the  subject  fair?  All  the  banks  are  here 
supposed  to  fail  at  the  same  time  ;  and  although  they  must  always  have  large 
amounts  of  specie,  real  estate,  and  securities  on  hand,  yet  the  whole  eighty-seven 
are  supposed  not  only  to  have  sunk  their  entire  capitals,  but  to  have  wasted 
every  part  of  their  property,  so  that  not  one  cent  of  all  their  debts  can  be  paid. 
Upon  this  gross  supposition,  the  amount  of  the  fund  is  compared  with  the  whole 
amount  of  tho  debts  of  all  the  banks !  Tt  is  sheer  nonsense  to  argue  upon  such  a 
statement.  The  matter  is  plain  enough  without  argument.  The  fund  is  now 
large  enough  to  meet  the  failures  of  several  banks  ;  it  is  constantly  increasing  ; 
and  the  moment  it  shall  be  diminished  all  the  banks  must  join  in  replenishing  it. 
I  believe  its  amount  has  been  very  judiciously  limited  and  fixed. 

f  This  representation  is  founded  solely  upon  the  supposition  that  the  safety 
fund  is  delusive  ;  which  I  have  shown  is  not  the  case.  The  fact  is,  the  fear  of 
overloading  and  endangering  the  fund,  has  constantly  exercised  a  great  influence 
in  preventing  the  incorporation  of  new  banks,  for  which  there  have  been  such 


9 

.  When  the  system  becomes  thus  surcharged,  and  loaded  to  the  water's 
edge,  the  slightest  shock  to  credit,  which  may  be  given  at  any  moment  by 
foreign  or  domestic  causes,  internal  dissentions,  foreign  wars,  or  even  an  un- 
timely frost  to  nip  the  hopes  of  spring,  or  a  hail  storm  to  beat  down  the 
ripening  harvest,  and  the  whole  train,-  freighted  with  the  wealth  of  millions, 
sinks  into  a  gulf  of  hopeless  ruin.  What  a  mockery  would  then  be  the 
vaunted  Safety  Fund  /  Suppose  it  to  have  swollen  to  millions,  it  would  do 
little  more  than  pay  the  receivers  appointed  to  settle  the  affairs  of  the  broken 
banks.  But  at  such  a  crisis,  where  would  the  Safety  Fund  be  found  ?  In  all 
probability  deposited  in  these  very  banks,  or  invested  in  their  stocks,*  and  of 
course  -  swallowed  up  in  the  common  ruin.  The  insurers,  with  all  their 
funds,  engulphed  in  the  vessel  they  insure  !  Can  any  thing  be  more  absurd  ? 
Can  any  thing  show  more  conclusively,  not  merely  the  futility,  but  the  fa- 
tally deceptive  character  of  this  financial  scheme  ? 

But  suppose  that  none  of  the  disastrous  accidents  we  have  imagined  should 
occur — that  all  goes  smoothly  on.  This  very  prosperity  leads  inevitably  to 
another  danger,  more  appalling  than  the  loss  of  wealth.  We  have  seen  that 
the  irresistible  tendency  of  this  scheme  is  to  increase  the  number  of  banks, 
by  soothing  away  the  opposition  of  the  people  with  the  delusive  idea  of  secu- 
rity, f  Already  the  plan  of  planting  a  bank  in  each  county  is  nearly  com- 
pleted. The  next  step  will  be  to  establish  one  in  every  town. J  From 
this  army  of  banks  a  very  large  fund  (it- may  be  five  or  ten  millions)  will 
ultimately  be  collected  and  paid  into  the  treasury  of  the  State.  The  Comp- 
troMer  has  the  power  to  deposit  this  fund  where  he  pleases — to  invest  it  all  in 
such  stocks,  and  on  such  terms  and  rates  of  interest  as  he  pleases.  Who  does 
not  see  that  with  this  vast  central  power,'  capable  of  being  shifted  to  any  point  at 
a  moment's  warning, — everyone  of  the  myriad  banks  on  the  safety  string  will 
be  controlled  with  absolute  sway.    Who  does  not  tremble  to  see  such  boundless 


numerous  applications.  The  argument  that  follows,  of  course  falls  with  the 
theory  upon  which  it  was  founded.  But  as  containing  the  views  of  our  oppo- 
nents, it  may  show  the  expectations  which  were  excited  by  the  "  shock  to  credit" 
given  last  winter  by  '-domestic  causes."  The  "  shock"  was  certainly  then 
given,  yet  not  a  bank  broke  ;  and  the  committee's  present  argument  is  clearly 
proved  to  be  erroneous. 

*  Here  is  another  great  misstatement.  By  the  Safety  Fund  law,  the  money 
as  received  was  directed  to  be  invested  like  the  Common  School  Fund,  in  govern- 
ment stocks.  By  a  subsequent  law,  it  may  be  loaned  on  real  estate,  or  invested 
in  other  stocks;  "  but  not  upon  the  stock,  property,  or  credit"  of  any  Safety  Fund 
institution.  (See  Laws  of  1833,  page  397.)  How  the  money  is  invested  may  be 
seen  in  Williams'  Register  for  1834,  at  page  193.  It  is  in  public  stocks, — the 
beet  security  extant. 

f  Nothing  of  the  kind  have  we  seen. 

|  New-York  has  seventeen  banks  ;  Albany  and  Rensselaer  counties  each 
five  ;  and  there  are  then  eleven  counties  with  two  each,  twenty-eight  with  one, 
and  fourteen  with  none.  These  last  are  the  counties  of  Suffolk,  Queens,  Rich- 
mond, Rockland,  Putnam,  Sullivan,  Delaware,  Schoharie,  Warren,  Franklin, 
Cortlandt,  Hamilton,  Alleghany,  and  Cattaraugus.  Whether  there  is  a  design 
of  "  planting  a  bank  in  each  county,"  except  where  the  business  of  the  county 
requires  one,  may  be  judged  of  from  these  data.  When  any  town  shall  have 
more  population  and  business  than  either  of  the  counties  above  named,  it  will 
then  be  time  enough  to  talk  of''  the  next  step."  This  slur,  in  the  address,  as  to 
the  towns,  was  at  least  uncalled  for. 


10 


political  power  placed  in  mortal  hands?  The  Government  may,  and  assuredly 
will,  become  independent  of  the  people.  The  State  will  become  as  easy  to  play 
upon  us  an  instrument  of  music.  The  master  will  have  but  to  touch  the 
banks  judiciously  "to  sound  what  stop  he  pleases."* 

This  Safety  Fund  is  a  fund  of  corruption.  It  was  contrived  for  the  pur- 
pose of  deceiving  the  people.  It  was  intended  from  the  first,  not  as  a  finan- 
cial scheme,  but  a  political  engine. 

One  of  two  results  of  this  project  is  absolutely  certain.  It  will  at  one  day 
either  desolate  the  State  Ln  general  bankruptcy,  by  explosion:  or,  if  bank- 
ruptcy does  not  ensue,  an  accumulated  fund  of  corruption  will  poison  the  mo- 
rals, and  destroy  the  liberties  of  the  people.")- 

The  other  great  measure  of  the  Regency,  for  which  they  claim  the  ap- 
probation and  support  of  the  people,  is  the  State  Loan  of  Six  Millions. 

Had  this  act  received  its  true  title,  it  would  hive  been  called  "An  Act  to 
RfortgUte  the  State  to  raise  a  Fund  to  Bribe  the  Electors  of  the  City  of 
New-York." 

It  provides  that  bills  of  credit  to  the  amount  of  six  mil'ions  shall  be  issued 
by  the  State,  in  gross  violation  of  the  Constitution,  which  declares  that  "no 
State  shall  issue  bills  of  credit.''^  It  provides  that  four  of  the  six  millions 
shall  be  loaned  to  the  banks  of  the  city  of  New-York  without  security,  and 
the  remaining  two  millions  loaned  to  individuals  throughout  the  State,  on  the 
security  of  the  counties  in  which  such  individuals  reside.    If  the  city  bank 


*  Just  now  we  were  told  that  the  fund  would  amount  to  $G72.G00,  "  at  which 
oint  it  would  remain  stationary;"  then  that  the  banks  would  all  certainly 
reak,  and  the  money  "do  little  more  than  pay  the  receivers  ;"  then  again,  that 
the  money  would  k,in  all  probability"  be  deposited  in  a  broken  bank,  and 
44  swallowed  up  in  the  common  ruin;"  and  yet  this  stationary  6\im,patd  avay  to 
the  receiver?,  and  sical/owed  vp  in  ruin,  here  amounts  to  "rive  or  ten  millions," 
and  our  whole  frame  is  made  to  **  tremble  to  see  such  boundless  political  power 
placed  in  mortal  hands!"  But  this  is  not  all.  The  law  of  1833,  to  help  out  this 
plausible  story,  must  be  again  misstated.  It  provides  that  the  fund  may  be 
invested  by  the  comptroller  "in  such  stocks  or  loans  as  he  and  the  bunk  commis- 
sioners may  deem  most  for  the  interest  of  the  fund."  The  committee,  by  leaving 
the  commissioners  out  of  the  question,  (a  majority  of  whom,  being  chosen  by  the 
banks,  might  look  rather  carefully  after  the  lund,)  are  able  to  play  upon  w  ords, 
and  upon  our  poor  Comptroller,  as  easy  as  upon  "an  instrument  of  music." 
41  The  government  may"  "become  independent  of  the  people."  True;  but  I 
doubt  whether  it  so  44  assuredly  will."  And  thank  you,  gentlemen,  for  admit- 
ting (contrary  to  your  former  statement)  that  the  people  are  yet  independent. 

f  What  a  fund  of  pithy  sentiment  is  here !  The  only  possible  objection  to  it 
is,  that  the  whole  has  already  been  proved  to  be  altogether  without  foundation. 
Yet  on  reflection,  there  is,  too,  anoti.er  small  objection.  May  it  not  have  been 
«4  contrived  for  the  purpose  of  deceiving  the  people  ?* 

|  We  come  now  to  the  loan  law,  which,  according  to  the  fashion  of  the  times, 
must  first  have  a  bad  name  given  to  it,  and  then  be  abused  most  shamefully. 
We  are  met  on  the  threshold  by  an  argument,  for  which  the  committee  are  en- 
titled to  the  credit  (if  it  be  such)  of  originality.  This  novel  objection  would 
condemn  all  the  public  loans  made  by  the  state,  the  canal  loans  among  the  rest, 
(which,  by  the  by,  were  never  called  mortgages.)  But  the  United  States 
Supreme  Court  has  decided  the  question.  44  Bills  of  credit  are  defined  to  be 
paper,  issued  and  intended  to  circulate  through  the  community/or  its  ordinary 
purposes,  as  money,  redeemable  at  a  future  day."  (See  1  Rent  s  Commentaries, 
408.)  Either  the  Supreme  Court  or  Chancellor  Kent  are  good  enough  authority , 
I  suppose,  for  the  committee- 


11 


recipients  of  the  four  millions  fail,  the  farmers  of  the  country  pay  for  it.  If  the 
individuals  through  the  State,  whom  the  Regency  may  see  fit  to  reward  with  the 
remaining  two  millions  fail,  still  the  farmers  in  the  counties  in  which  such 
individuals  reside  must  pay  lor  it ;  and  the  merchants  and  citizens  of  the 
City  of  New- York  are  in  no  event  to  bear  any  part  of  the  loss.*  This  fea- 
ture shows  the  propriety  of  calling  it  an  act  to  bribe  the  voters  of  the  City  of 
New-York.  This  law  was  passed  the  week  before  our  late  City  Election — 
hurried  through  the  forms  of  legislation  in  two  or  three  days.    Although  the 


*  The  law  was  intended  to  put  an  end  to  the  panic  and  alarm  which  prevailed, 
and  to  prevent  the  consequences  of  the  conduct  of  the  United  States  Bank  in 
making  its  curtailments  bear  so  severely  upon  the  city  of  New-York.  That 
institution,  in  addition  to  its  general  curtailments,  had  adopted  a  system  of  pur- 
chasing bills  drawn  upon  the  Atlantic  cities,  many  of  which  were  payable  in 
New- York.  The  latter  was  the  centre  point,  where,  if  there  was  either  a 
pressure,  or  a  relief  from  pressure,  it  would  be  felt  by  the  whole  community. 
A  large  proportion  of  the  money  would  thus  be  needed  in  the  city.  It  was 
directed  to  be  loaned  to  the  city  banks,  because  they  were  known  to  be  abun- 
dantly responsible.  No  one  questioned  their  solvency.  The  amount  to  be  loaned 
to  any  one  bank  was  not  to  exceed  one  half  of  its  capital.  The  commissioners 
were  closely  to  examine  into  its  affairs  before  making  the  loan,  and  they  might 
require  such  security  as  they  should  deem  proper  or  necessary.  An  interest  not 
less  than  five  per  cent,  was  to  be  paid  quarterly.  The  money  intended  for  the 
country  was  to  be  loaned  on  real  estate.  As  the  best  mode  of  loaning  it,  the 
board  of  supervisors  of  each  county  (except  those  of  the  first  senate  district) 
was  to  take  charge  of  it.  To  prevent  them  from  being  improvident  in  their  loans, 
each  county  was  made  responsible  for  the  sum  actually  delivered  to  that  couidy. 
The  counties  were  required  to  consent  to  this  responsibility  before  any  payment 
should  be  made  to  them.  Of  course,  this  power  of  loaning  went  into  the  hands 
of  either  party,  just  as  the  majority  of  the  county  should  be.  The  same  course 
had  been  pursued  on  former  occasions.  The  regulations  to  prevent  abuses  were 
made  the  same  as  in  former  laws,  by  a  reference  to  them.  By  one  of  those 
laws,  (3d  Revised  Statutes,  221,)  public  notice  is  required  to  be  given,  and  the 
money  to  be  loaned  (but  only  g500  to  one  man  if  others  want  it)  on  improved 
lands,  in  the  actual  occupation  of  the  borrower,  and  of  double  the  value,  exclusive 
of  buildings. 

This  short  sketch  of  the  famous  "  mortgage"  is  the  best  answer  to  all  that 
is  said  against  it.  Happily  the  law  was  eminently  successful.  It  checked  the 
panic  at  once.  Those  inflammatory  presses  which  had  done  so  much  towards 
destroying  confidence,  now  at  once  changed  their  tune,  and  said  there  was  no 
panic, — no  distress, — nothing  whatever  to  warrant  the  law.  The  mere  passage 
of  the  law  having  effected  what  was  desired,  and  there  being  now  no  idea  of 
carrying  it  into  execution,  why  is  such  a  cry  raised  against  it  ?  Was  the  effect 
it  produced  regretted  by  our  opponents?  It  certainly  would  seem  that  they 
preferred  all  the  evils  of  the  distress,"  to  being  remotely  responsible  for  losses 
on  these  loans,  which  were  so  well  calculated  to  prevent  all  loss.  All  the  argu- 
ments about  creating  a  public  debt  by  the  failure  of  the  city  banks,  are  very  far- 
fetched and  extravagant.  The  assertions  of  the  address,  too,  that  if  they  failed, 
"  the  farmers  of  the  country"  would  "  pay  for  it,"  and  that  the  citizens  of  New- 
York  were  "  in  no  event  to  bear  any  part  of  the  loss,"  are  utterly  untrue.  There 
is  nothing  in  the  law  to  give  even  a  pretence  for  the  statement.  And  when 
was  it  ever  found  that  the  one  hundred  and  forty-seven  country  members,  in 
the  two  houses,  could  be  brought  to  sacrifice  the  country,  and  grant  favours  of 
this  kind  to  the  thirteen  city  members  ?  Any  one  that  knows  them  will  say 
never. 


most  important  measure  of  the  iession,  it  was  passed  without  debate*9*  Itn 
disgusting  partiality,  its  glaring  infraction  erf'  the  Constitution,  its  gross  in- 
justice to  the  country,  could  not,  for  a  moment,  withdrawsthe  attention  of  our 
Regency  Legislature  i'rojn  the  anticipated  triumph  it  was  to  purchase  them, 
in  the  success  ol' their  Candidate  for  the1  Mayoralty  of  the  City  of  V  w-York  ! 

The  Regency  impudently  pretend  that  the)  are  the  I  taftoci  aoy  of  the 
State.  W  hen  before  d:d  the  Democracy  of  this  or  any  other  State-  wan- 
tonly incur  a  public  debt  pf  six  milhons This  Loan  Act  is  but  a  step — a 
large  one  indeed — in  the  policy  Commr  need  by  the  Harney,  of  creating  a 
State  Debt.  While  the  Democracy  of  every  other  enlightened  nation  and 
state  is  struggling  against  the  policy  of  a  public  debt,  as  a  prolific  source  of 
corruption,  and  full  of  danger,  the  Democratic  Reg<  ncy  of  New.  York,  run  with 
open  arms  to  embrace  the  evil!  And  beyond  a  doubt,  th«-  reasons  which 
induce  other  Democracies  to  avoid  this  policy,  have  induced  our  Albany  De- 
mocracy to  .adopt  it. 

These  i-s  one  other  point  of  view  in  which  the  people  will  look,  at  this  law, 
and  that  is,  that  it  is  an  indubitable  specimen  o£ party  legislation. 

It  bears  the  marks  of  party  st;unj>ed  upon  every  feature 


*  These  statements  require  a  detailed  answer.  The  city  .election  was  held 
on  the  tigntkt  mn'h,  and  tmth  day.-  of  April. 

The  message  of  thfc  Governor  recommending  the  loan  law,  was  transmitted 
to  the  assembly  ou  the  22d  lyiarch.  It  waq  referred  to  a  committee,  ami  five 
thousand  copies  ordered  to  be  printed.  On  the  motion  to  print,  Mr.  Humphrey 
spoke  nt  lengthen  the  subject.  On  the  3 1  >t  Manh,  the  committee  introduced 
the  bill,  with  a  very  full  orifl  elaborate  report  in  its  favour,  which  was  printed. 
On  the  1st  of  April  the  house  enmiden  d  the  bill.  The  first  section,  embracing 
its  whole  principle,  passed  p>ithout  Opposition.  Mr.  Stevenson  then  requested 
the  subject  to  be  laid  over,  td  enable  him  to  examine  its  details;  which  request 
was  granted.  -On  the  next  day,  the  house  again  took  up  the  bill.  Mr.  Dana 
gave  his  reasons  against  it ,  insisting,  that  it  w  ould  increase  and  not  allay  the 
panic.  Mr.  Myers  spoke  at  length  in  its  favour.  Mr.  Clary  offered  an  amend- 
ment, Appropriating  the  money  to  the  General  Fund,  (thus  creating  a  public 
debt.)  Mr.  Stevenson  Supported;  and  Mr.  Humphrey  opposed  the  amendment, 
and  it  was  lost.  Mr.  Clary  then  'proposed  to  loan  all  the  money  to  the  banks. 
This  proposal  was  opposed  by  Mr.  Humphrey  and  Mr.  Haight,  and  rejected. 
The  house  then  adjourned,  having  spent  nearly  the  whole  day  on  the  subject. 
On  the  3d  of  April,  no  one  having  anything  farther  to  say  against  the  bill,  it  was 
passed  by  a  vote  of  ninety-eight  to  twelve,  and  sent  to  the  senate.  When  it 
came  to  the  senate,  Mr.  Griffin  and  Mr.  Seward  requested  a  postponement  until 
Tuesday  the  8th,  w  Inch  was  ordered. 

On  the  oth  and  9th  of  April,  the  senate  discussed  the  details  of  the  measure, 
and  adopted  several  amendments.  On  the  I  Oth ,  Mr.  Griffin  opposed  the  bill. 
Mr.  Seward  followed  in  a  speech  of  two  hours  and  a  half.  On  the  11th,  Mr. 
Sudani  spoke  an  hour,  and  Mr.  Edmonds  an  hour  and  a  half  in  its  favour.  Mr. 
Tracy  took  the  floor  in  opposition,  and  continued  until  the  adjournment.  On  the 
12th,  Mr.  Tracy  concluded.  Messrs.  Bishop  and  Edmonds  replied.  The  ques- 
tion was  then-taken,  and  the  bill  as  amended  passed  twenty-one  to  five.  On 
the  14th,  the  bill  was  received  by  the  assembly,  and  the  amendments  printed. 
On  the  of  April,  the  amendments  were  agreed  to,  and  the  bill  became  a 
law.  Thus  a  measure  of  so  much  urgency  was  delayed  before  the  legislature 
almost  a  month.  Yet  the  address  says,  the  law  was  passed  a  week  before  the 
city  election,  'to  bribe  the  voters;  14  hurried  through  the  forms  of  legislation  in 
two  or  three  days,  and ■ -passed  without  debate."  A  reference  to  the  newspapers  of 
the  day  wull  decide  between  us. 


13 


The  time  at  which  it  was  passed — a  time  of  great  political  excitement — a 
crisis  in  the  fortunes  of  the  party,  winch  required  some  violent  measure  to 
turn  the  scale  in  their  favour. 

Tlw  manner— forced  through  the  forms  in  two  or  three  days,  and  without 
debate. 

The  partial  precisions  of the  law — throwing  the  whole  burden  upon  the 
country  for  the  benefit  of  the  city,  which  it  was  then  the  object  of  the  party 
by  all  means  to  propitiate. 

The  disregard  of  the  future  interests  of  the  State — incumbering  it  with  a 
heavy,  permanent  debt,  to  hang  over  it  for  years,  to  effect  a  temporary,  local, 
and  party  purpose. 

These  are  the  infallible  marks  of  party  legislation — an  evil  more  to  be 
deprecated  than  any  other,  because  it  is  the  parent  of  all  evil.*  The  favour- 
ite doctrine  of  the  Regency,  "  that  the  offices  belong  to  the  party  in  power" 
is  anti-republican,  and  tends,  inevitably,  to  corrupt  the  people,  and  rum  the 
State;  but  the  still  more  recent  assumption  that  the  legislation  of  the  country 
belongs  to  the  party,  throws  the  error  of  the  former  doctrine  almost  into  the 
light  of  truth  and  innocence,  by  the  more  atrocious  turpitude  of  its  character. 
The  officers  and  placemen  may  move  about  with  the  alternate  triumphs  of 
conflicting  parties  like  the  pieces  on  a  chess  board,  and  yet  the  institutions 
of  the  country  remain  unchanged.  Not  so  with  legislation.  If  that  too  is 
subjected  to  the  fluctuations  of  party,  property  is  no  longer  safe — all  calcu- 
lations are  set. at  defiance — what  is  right  to-day  is  wrong- to-morrow — the 
best  established  institutions  are  subverted  in  a  day — sober  industry  is  deprived 
of  its  protection — labour,  of  the  security  of  its  rewardf — and  all  men  com- 
pelled, in  self-defence,  to  engage  in  party  strife,  in  speculation  and  mutual 
plunder.  The  Legislature,  as  regards  the.  public  interests  and  institutions,  is 
the  people ;  and  Legislation  should  be  the  voice  of  the  people,  and  bear  im- 
pressed upon  it  the  grave  and  dignified  character  of  supreme  authority. 
Laws,  which,  by  their  nature,  are  permanent  and  universal,  affecting  the 
rights  and  prescribing  the  duties  of  all,  as  well  of  those  now  on  the  stage, 
as  of  the  generations  to  succeed,  should  be.  deeply  considered,  understand- 
ing^ and  deliberately  discussed,  viewing  largely  the  whole  horizon  of  the 
State — weighing  impartially  the  interests  of  all — prying  keenly  into  the  future, 
and  scrutinizing  all  the  contingencies  of  change;  and  then  written  with  a 
pen  of  iron  upon  tablets  of  marble.    When  judged  by  this  rule,  how  humi- 


*  I  have  shown  that  every  one  of  these  statements  about  the  "time,"  "  man- 
ner," "  partial  provisions,"  and  "  disregard  of  future  interests,"  are  utterly  untrue. 
I  might  add,  that  this  .sagacious  conclusion  of  the  committee  is  contrary  to 
received  notions:  for  we  have  been  taught  to  consider  the  "  love  of  money" 
the  root,  and  Lucifer  himself  *  the  parent  of  all  evil:' 

f The  doctrine"  about  "  offices"  has  been  shown  to  be  quite  as  much  the 
doctrine  of  our  opponents  as  of  ourselves.  The  remarks  about  '-legislation" 
are  correct,  and  strongly  expressed.  But  who  made  the  attack  upon  "property?" 
Every  one  now  admits  that  it  was  the  United  States  Bank  and  its  supporters. 
The  Bank  (nut  yet.  I  trust  even  a  legislative  body)  attempted  to  show  that  it  had 
the  whole  property  of  the  country  in  its  power,  and  that,  in  spite  of  legislation,  it 
could  "  set  at  defiance"  "  all  calculations,"  subvert  in  a  day  "  the  best  estab- 
lished institutions,"  deprive  industry  14  of  its  protection,  and  labour  of  the 
security  of  its  reward."  The  whole  object  of  Xhe  loan  law  was  merely  to  defend 
these  institutions,' and  to  protect  industry  and  labour.  The  committee  are  wel- 
come to  all  the  benefit  of  this  strange,  unexpected  argument.  Yet  how  cautious 
they  are  not  to  say  a  word  about  the  Bank  ! 


1 1 


hating  to  a  New-Yorker  are  the  transactions  of  our  Legislature  for  the  last 

six. years!  How  like  the  paltry  caucus  of  a  party,  full  of  trick,  management, 
and  partiality,  appears  the  embodied  sovereignty  of  our  State! 

Our  confidence'  in  the  Regency  must  rest  upon  tlx;  history  of  the  past  or 
the  promises  of  the  future.  As  to  the  experience  of  the  past,  we  have  seen 
that  in  minor  matters  it  consists  in  trafficking  for  offices,  privileges,  and  mo. 
nopolies;  and  in  matters  of  general  public  importance,  in  the  passage  of  two 
laws,  one  of  which,  the  Safety  Fund  Law,  is  ajxjlitical  device  to  sooth  away 
the  uniform  opposition  of  the  Democracy  of  the  country  to  Banks,  till  the  party 
has  established  one  in  every  comer  of  the  State,  by  means  of  which  they  will 
govern  the  people  in  spite  of  themselves — a  system  which  must  end  in  bank- 
ruptcy or  slavery,  or  perhaps  both.  The  other,  the  Mortgage  Law,  is  purely 
a  party  measure,  partial  in  all  its  provisions,  and  corrupt  in  its  object — a  law 
conceived  in  a  paroxysm  of  fear  so  great  that  they  forgot  their  hypocrisy, 
and  betrayed  themselves  into  an  admission  that  they  would  rather  sacrifice 
the  State  than  lose  their  power — a  law  to  establish  a  public  debt,  and,  at  the 
same  time,  to  enable  the  party  to  buy  the  city,  at  the  price  of  four  millions, 
to  be  paid  by  the  country  !* 

Few,  very  few,  are  satisfied  with  the  course  of  the  regency  party.  Even 
they  themselves  are  most  anxious  to  throw  the  waters  of  oblivion  over  the 
past,  and  rest  their  claims  upon  any  thing  rather  than  their  merits. 

To  withdraw  the  attention  of  the  pcoplef  from  their  utter  abandonment  of 
republican  usages — from  their  manifold  corrupt  practices — from  their  gross 
mismanagement  of  the  State,  they  have  raised  a  cry  of  «•  Bank  or  no  Bank," 
by  which  they  mean  the  people  to  understand  thut  they,  the  Albany  Regency, 
are  opposed  to  Bank  monopolies ! 

The  assumption  of  the  Regency  that  they  are  the  "no  Bank"  party,  is  the 
grossest  imposition  ever  offered  to  the  understandings  of  an  insulted  people. 
The  people  of  this  State  have  always  looked  with  jealousy  upon  Banks — 
they  have  regarded  them  as  one  of  the  many  contrivances  of  speculators  to 
acquire  wealth  without  labour — as  a  cunningly  devised  plan  to  abstract  sub- 
stance  from  the  hands  of  the  producing  classes,  and  leave  shadows  in  its  place. 
They  have  always  refused  to  consider  banking  as  one  of  the  gainful  arts,  to 
be  pursued  as  a  distinct  business  for  its  own  sake,  but  have  tolerated  it,  so  far 
only  as  it  is  auxiliary  to  the  legitimate  and  regular  pursuits  of  life.  J  And 
never  was  this  feeling  more  decided,  than  at  the  commencement  of  the  reign 
of  the  Regency,  in  1829.  Indeed,  so  strong  and  unanimous  was  public  senti- 
ment  on  this  subject,  that  for  several  years  prior  to  1829,  not  a  solitary  bank 
was  incorporated.  Yet  the  Regency  would  lead  us  to  believe  that  they  have 
stood  between  the  people  and  the  speculators,  and  checked  the  rage  for  bank- 
ing, and  protected  the  policy  of  the  State  from  encroachment. 

As  this  is  a  subject  on  which  "  the  party"  are  unusually  vociferous,  let  us 
look  a  little  into  the  facts. 


*  This  is  an  abbreviated  repetition,  elegantly  wove  together  and  expressed,  of 
all  the  principal  falsehoods  contained  in  the  preceding  pages. 

f  "  To  withdraw  the  attention  of  the  people"  is  then  the  great  object  of  "  the 
Regency."    Let  this  be  noted  ! 

I  These  two  last  periods  are  - strictly  true  ;  but  whether  the  committee  con- 
cur in  the  sentiments  expressed  in  them — is  not  stated.  Many  of  their  party 
certainly  disclaim  them. 


15 


During  the  first  fifteen  years  of  this  Republic,  no  bank  whatever  was 
chartered.  The  first  charter  was  granted  in  1791  to  the  Bank  of  New-York. 
At  the  commencement  of  the  year  1811,  a  period  of  thirty-five  years,  but 
ten  charters,  giving  banking  privileges,  had  been  granted.*  During  the 
years  1811,  '12,  and  '13,  particular  causes,  the  principal  of  which  was  the 
dissolution  of  the  old  Bank  of  the  United  States,  induced  the  incorporation  of 
thirteen  banks  ;  and  after  the  war,  the  circumstances  of  the  times  again  re- 
laxed the  policy  of  the  State,  and  ten  banks  were  incorporated  in  the  three 
years,  1816,  '17,  and  '18.  From  this  time  to  the  year  1829,  nine  banks  were 
established,  making  the  whole  number  of  banks,  and  manufacturing  and  canal 
companies,  with  banking  privileges,  incorporated  by  the  State  during  a  period 
of  fifty-two  years,  but  forty-two — less  than  one  a  year !  If  we  deduct  from 
this  number  eight  companies  whose  charteis  had  been  relinquished  or  for- 
feited, the  total  number  of  companies  with  banking  privileges,  in  existence  at 
the  commencement  of  the  session  of  1829,  when  Martin  Van  Buren  became 
Governor,  and  the  reign  of  the  Regency  began,  will  be  found  to  be  thirty- 
four.f  W  hat  did  these  declaimers  against  bank  monopolies  then  do  ?  These 
devoted  admirers  of  a  metallic  currency  undoubtedly  seized  the  first  oppor- 
tunity to  extirpate  the  paper  banks;  and  "fortunately  one  was  immediately 
presented  to  their  wishes,  for  sixteen  of  the  bank  charters  expired  that  very 
session.  What  did  they  do  ?  They  renewed  the  whole  sixteen,  and  incorpo- 
rated twelve  new  ones !  and  ten  more  the  next  session,  and  ten  more  the 
next ;  and  the  six  years  of  the  reign  of  the  Regency  have  produced  a  har- 
vest of  fifty-six  new  banks  !  for  which  they  and  their  adherents  have  re- 
ceived in  premiums  on  Bank  Stock,  the  sum  of  one  million  two  hundred  and 
eighty-jive  thousand  dollars.  So  true  and  devoted  is  their  love  for  the  metal- 
lic currency  \% 


*  I  am  glad  the  committee  turn  their  attention  to  "  the  facts."  But  they 
state  them  incorrectly  throughout.  The  first  bank  was  that  of  North  America, 
incorporated  by  this  state  on  the  recommendation  of  Congress,  in  1782,  as  a 
national  bank,  with  ten  millions  of  capital.  The  state  pledged  itself  not  to  in- 
corporate any  other  bank  during  the  war. 

In  1810,  there  were  ten  very  latge  banks  in  active  operation  in,  and 
incorporated  by  this  state,  besides  private  bankers.  They  were  the  nine  first 
named  in  the  list  before  given,  together  with  the  Bank  of  Hudson,  which  after- 
wards failed.  In  1811,  five  new  banks  were  incorporated,  and  the  whole  bank- 
ing capital  of  the  state,  besides  that  of  private  bankers,  amounted  to  $  1 2,380,000. 
There  were  then  jifleen  banks  in  operation,  with  an  average  capital  of  $825, 000. 
(See  a  full  history  of  the  currency  at  this  period,  copiedCfrom  Legislative  Re- 
ports, &c,  in  Spafford's  Gazetteer,  page  46.)  Private  banking;  was  prohibited 
in  1818.  .  . 

f  These  numbers  and  statements  are  all  incorrect.  "  During  the  years  1811,. 
1812,  and  1813,"  there  were  twelve  banks  incorporated.  In&18l6,  18r7,  and 
1818,  eleven.  In  1821,  one.  In  1823,  1824,  and  1825,  nine.  I  have  already 
shown  that  there  were  forty  in  operation  when  Mr.  Van  Buren  became  governor^ 
forty-three  had  been  incorporated,  (besides  the  Bank  of  North  America;)  three 
of  them  had  then  broken,  and  five  more  broke  soon  afterwards,  leaving  thirty-five 
now  in  operation,  but  many  Of  them  with  capitals  much  reduced.  1  know  of 
no  «  companies  whose  charters  had  been  relinquished  or  forfeited,'''  except  as 
above.  The  committee  would  have  been  better  understood  if  they  had  spoken 
the  truth  openly  and  fairly. 

\  There  have  been  fifty-two  (instead  of  fifty-six)  new  banks  incorporated 


Hi 


Let  it  not  he  said  in  exfr%M»tsPB,  that  this  was  tho  f;mlt  of  a  system  nlpeadV 
established — that  when  the  party  came  Into  powej  they  were  unpolled  by  n 


since  Ifttfi?  which,  ;'<  «;<  (I  Im  lj.c  thirty-live,  make  tht  present  ynmtv-r  ♦•ighty- 
seven  ;  (eight  were  chartered  hist  tinier,  and  arc  doI  yel  in  operation,  aud  the 

roiii.-iirniic  beventy-nioe  are  na'nted  Ui  W  niiam^  Register;  lor  lb34.j  The  un- 
fairness of  the  committee's  making  this  tlaming  comparison  by  the  number  #f 
the  banks,,  consist^  m  tiie  fact,  thai  the  average  amount  of  the  cnyiials  of  these 
fifty-two  new  banks  is  leas  tliah  g£3d,O0D;  While  the. average  amount  of  the 
capitals  of  the  old  banks  was  gtt.?5,oo0.  In  other  words,  the  Jtfly-tijp  new  banks 
are  only  equal  to  futebis  old  ones.  Another  remark  suggests  Itself.  AH,  ot 
nearly  "11  those  new  charters  might  bave  been  jweveftted  by  the  opposition.  A 
bunk  charter  must  have  a  vote  ot,  lioo  thirds  of  all  the  members  elected  to  each 
house,  in  one  or  the  other  house,  nearly  or  quife  one  third  of  the  members 
have  been  the  opponents  of  the  administration  during  the  w  hole  period.  Some 
of  the  administration  members  would  alwayi  be  absi  nt,  snd  some  \flte  n<_rainbt 
the  charters.  On  looking  oVefthfl  (ninutes,  I  find  thai  snim-tij  a  charter 
could  have  been  obtained,  except  by  !'■>  vuie$  of  Uu  opponent*  if  t/jc  administra- 
tion. 

There  has  been  an  increase  of  incorporated  bank  capital,  as  Compared  with 
the  population,  since  IfrMt.  Jint  there  are  several  reasons  for  the  increase. 
►Since  that  time  a  groat  proportion  of  the  hills  from  other  states,  ['so  m;inv  of 
w  hich  were  food  toi  bqI  Uing,)  have  b<  ca  driven  away  hv  l.iws  passed  for  that 
purpose.  In  all. the  cbariew  tiiue  lo.'O,  the  banks  have  baen  required  not  to 
allow  the  bilks  of  foreign  incorporations  t<.  be  made  payabk  at  their  counters. 
(The  name  of  the  Derby  Btrnjj  will  bring  to  mind  the  effect  of  tnis  provision,) 
13nt  the  most  important  restriction,  is  that  by  which  the  new  banks  havo 
been  recently  limitld  in  lh/ir  usac*  of  bills  to  once  and  a  half  the  amount 
of 'their  capitals.  A  bill  was  introduced  into  the  assembly  last  wiirter  to 
m&ke  this  rule  apply  to  all  the  old  charters,  over  which  the  legislature 
have  control;  it  received  eighty  votes,  but  failed  for  the  wont  of  two 
thirds.  Governor  Clinton,  in  his  message  presently  quoted  by  the  committee, 
said,  ''a  bank  generaUy  may  issue  notes  to  l/tree  tifnti  the  amount  of  the  capital 
paid  in."  The  legislature,  in  the  new  charters,  betVe  limited  it  to  half  this. 
Twice  the  amount  of  capital  will  be  required  to  issue  the  same  number  of  bills 
as  formerly.  I  trust  this  policy  will  be  continued,  and  that  Governor  .Marcy's 
proposal,  contained  in  his  message  of  last  winter,  to  Jiniit  the  bills  «o  as  in  no 
case  to  exceed  the  capita/,  will  speedily  be  adopted.  Banks  will  then  be  placed 
upon  a  fair  footing  with  individuals,  and  will  be  almost  perfectly  safe  while 
under  the  careful  supervision  ot  our  bank  commissioners.  Our  city  banks  issue 
bills  to  an  amount  much  less  than  their  capitals.  Bv  the  statement  of  the  whole 
sixty-nine  Safety  Fund  Banks,  taken  together,  (corned  into  Williams'  Register, 
for  1334,  at  pages  194  and  195,)  it  appears,  that  w'ith  an  aggregate  capital  of 
£22.730,26 4,  the  amount  of  their  bills  in  circulation,  on  1st  Januarw  t83  !,  was 
£15,402,705.  and  on  1st  March,  £12,27-2,093  ;  being  less  than  two  thirds  of  their 
capitals  at  the  greatest,  and  little  more  than  one  half,  at  the  lowest  sum.  In 
the  same  book  and  page,  it  appears  that  the  branches  of  the  United  States  Bank 
in  this  state,  (a  large  one  in  this  city,  and  two  small'ones  in  the  country.)  with 
a  capital  of  £3,000.000,  had,  in  January  last,  almost  at  the  height  of  its  curtail- 
ments, bills  in  circulation  amounting  to  g3,18ft,5(3y  being  18  per  cent,  mare 
than  their  capitals.  At  page  429  of  the  Register,  it  will  be  seen  that  the  circu- 
lation of  the  whole  United  States  Bank,  on  the  \st.of  Fehruiry  lijAl,  wras  one 
seventh  more  than  its  capital.  The  bank  commissioners'  report  of  last  winter 
on  this  subject  should  be  read,  in  which  the  amounts  for  various  years,  and  in 
different  states,  are  compared.  The  bank  capital  of  the  state  has  been  increased, 
but  this  has  been  done  not  to  flood  the  country  with  valueless  paper  money,  but 


17 


current  which  could  not  at  once  be  safely  resisted.  The  reverse  is  the  fact. 
The  preceding  administration,  guided  by  the  immortal  Clinton,  was  opposed 
to  banks,  in  precept  and  in  practice.  Not  a  solitary  bank  charter  was  grant- 
ed in  the  sessions  of  1826,  '27  and  28.  Listen  to  the  language  of  Dewitt 
Clinton,  in  his  message  of  1827.  Speaking  of  granting  bank  charters,  he 
sayS — « It  is  to  be  ardently  hoped  that  the  Legislature  will  exeixr.se  more 
than  ordinary  circumspection  in  future.  A  few  solitary  cases  may  present, 
where  chartered  grants  may  be  auspicious  to  particular  places  and  the  sur- 
rounding count  i  y — but  the  power  of  making  money  is  a  dangerous  faculty, 
and  its  liability  to  perversion  is  in  proportion  to  its  extension.  Banking  privi- 
leges deposited  in  unskilful  hands,  may  be  abused  without  design,  and  from 
ignorance,  but  when  granted  to  fraudulent  men,  who  prefer  wealth  to  charac- 
ter, and  the  gratifications  of  avarice  to  the  honours  of  virtue,  there  will  scarce- 
ly be  bounds  to  the  evils  that  will  ensue ;  and  experience  has  evinced,  that 
applications  of  this  kind  are  almost  always  made  for  personal  benefit,  not  for 
public  accommodation."* 

These  are  and  always  have  been  the  sentiments  of  the  people  of  this  St. 
With  these  sound  principles,  contrast  the  doctrines  of  the  Regency  i. 
memorable  year  of  1829. 

It  was  hardly  to  be  expected  that  Martin  Van  Buren  should  e 
opinion  on  the  subject,  directly,  when  he  could  introduce  his  views  in  ' 
and  avoid  responsibility.    Accordingly,  he  .modestly  contents  him- 
submitting  to  the  favourable  consideration  of  the  Legislature  the  plaB 
Bank  System,  drawn  up  by  Judge  Forman.    We  must  therefore  look  into 
this  "  Plan,"  and  into  the  Report  of  the  Bank  Committee,  for  his  sentiments, 
and  those  of  the  Regency,  on  this  subject. 

In  "the  Plan*'  recommended  by  the  Governor,  we  find  these  sentlmoins : 

"  If  part  of  the  circulation  is  paper,  and  part  specie,  the  whole  amount  will ' 
be  exactly  the  same  as  if  the  whole  were  specie.    So  long  as  it  is  convertible 
into  specie,  and  is  secured  by  a  substantive  to  guaranty  its  eventual  payment." 

Again — "  So  long  as  this  (paper  money)  is  kept  in  just  proportion  to  the 
necessities  of  business,  is  convertible  at  all  times  into  specie,  and  secured  by 


to  make  the  circulation  more  stable  and  substantial.  And  even  as  to  the  amount 
of  capital,  the  variation  has  not  been  great ;  and  "  the  business  and  wealth  ot 
the  country,  advancing  as  it  has  advanced,"  presents  a  fair  excuse  for  the 
increase,  though,  now,  since  specie  is  flowing  into  the  country  so  fast,  no 
further  increase  may  be  necessary. 

*  There  can  be  no  objection  to  these  sentiments  of  the  message.  Governor 
Clinton,  it  appears,  thought  some  "auspicious"  cases  might  present. themselves 
for  charters.  But  the  argument  which  the  message  was  brought  in  to  aid  is 
false.  In  1825,  when  our  present  opponents  predominated  in. the  legislature 
under  the  ass-umed  name  of  the  '*  People's  party,"  and  undertook  to  elect 
Ambrose  Spencer  to  the  United  States  Senate,  several  banks  were  incorporated. 
In  that  and  the  previous  year,  a  Canal  Company,  a  Chemical  Manufacturing 
Company,  and  a  Dry  Dock  Company  had  been  allowed  banking  privileges,  mak* 
ing  three  of  the  worst  possible  kind  of  banks.  But  in  1826,  1827,  and  1828, 
ichen  no  banks  were  chartered,  the  present  democratic  party  had  large  majorities 
in  both  branches  of  the  legislature,  and  this  very  message  was  addressed  to  and 
acted  upon  by  that  very  legislature  which  elected  Martin  Van  Burcn  a  Senator 
of  the  United  States,  by  the  following  aggregate  vote.  For  IMartin  Van  Buren 
105;  John  W.Taylor  17;  Stephen  Van  Rensselaer  6  ;  Ezekiel  Bacon  9;  A. 
H.  Tracy  3;  (the  four  latter  all  modern  ««  Whigs  ;'')  Scattering  4. 


18 


the  capital  of  the  bunks  und  the  property  of  their  debtors,  it  is  in  every  respect 
SB  good  as  a  specie  circulation. 

In  the  report  of  the  bank  committee,  responsive  to  the  message  of  Gover- 
nor Van  Buren  and  "the  Plan"  submitted  to  them,  we  find  the  lollowing  sen- 

tilnr'lltS  : 

"  The  system  of  paper  credit  Ins  now  become  indispensable  toall  commercial 
countries.  It  is  the  most  powerful  agent  known  to  the  world  in  generating 
the  wealth  and  prosperity  of  a  nation.  In  preat  exigencies  it,  by  its  timely 
assistence,  often  delivers  ;_<>•,  nmieiiN  iVoiu  embarrassment  and  danger!" 
Again — "A  paper  circulation  as  to  all  objects  of  commerce,  is  a  positive  in- 
crease of  capital."  Again — "Banks  in  this  country  have  been  productive  of 
the  greatest  advantages."* 

These-  are  the  boasted  Anti-hank  doctrines  of  the  Regency;  and  the  prac- 
tical commentary  is  that  they  have  incorporated  fifty-six  new  banks  in  six 
years!  These  are  the  doings,  and  these  the  proclaimed  sentiments  of  those 
who  now  call  themselves  the  "no  hank  tarty." 

"  The  party"  have  placed  so  much  emphasis  on  this  subject,  and  made 
such  high  claims  to  purity  and  disinterestedness,  -that  it  deserves  a  more  de- 
tailed consideration. 

A  Bank  Monopoly,  when  created,  is  valuable  to  those  to  whom  it  is  given, 
and  thus  value  is  indicated  by  the  premium  or  price  above  par  for  which 
the  stock  sells.  The  average  premium  on  bank  stock  in  this  State,  has  been 
about  ten  per  cent.  As  charters  art;  created  lor  the  benefit  of  the  public, 
and  not  for  the  benefit  of  individuals,  it  had  been  usual  to  reserve  to  the  pub- 
lic this  surplus  value,  under  the  name  of  a  bonus.  Had  this  policy  been 
pursued  in  this  State,  our  Treasury  would  have  received  from  this  source, 
since  1829,  the  sum  of  one  milium  lu-o  hundred  and  eighty-five  thousand  dol- 
lars! But  .Martin  Van  fcuren,  when  organizing  his  party,  and  appointing 
the  Regents,  saw  the  necessity  of  a  Party  treasury,  and  in  his  message  in 
1829,  recommended  that  thereafter  no  bonus  be  required  by  the  State  for 


»  If  not  "  expected,"  yet  Mr.  Van  Buren  did  express  his  views,  in  the  very 
message  referred  to  by  the  committee.  After  stating  various  objections  to  the 
banking  system,  and  the  necessity  of  disposing  of  the  whole  subject  at  that 
session,  by  reason  of  the  expiration  of  so  r-.viny  charters,  and  after  referring  to  the 
plan  of  a  large  state  bank,  and  condemning  it;  he  says: — "  PJxperience  has 
shown  that  banking  operations,  to  be  successful,  and  consequently  beneficial  to 
the  community,  must  be  conducted  by  private  men  on  their  own  account."  He 
adds — "  But  we  cannot  close  our  eyes  to  the  difficulties  and  pecuniary  embarrass- 
ments of  suddenly  stopping  the  operations  of  so  many  and  such  long  established 
institutions'.1'  And  as  an  argument  against  dispensing  with  banks  altogether, 
which  he  said  had  no  advocates,  he  remarked,  "  to  make  ourselves  wholly  de- 

PBNDENT   UPON   THOSE  ESTABLISHED   BY    FeDEBAL    AUTHORITY,  deserves  none.'' 

He  then  reviews  the  various  plans,  and  concluding  with  Judge  Forman's,  of 
which  he  spoke  highly,  he  impresses  upon  the  legislature  the  absolute  necessity 
of  preventing  all  abuses  in,  and  of  insuring  the  safety  of  banking  institutions. 
.  1  beg  leave  to  refer  to  the  message,  and  also  to  the  plan  of  Judge  Forman,  and 
the  report  of  the  bank  committee.  Let  them  be  examined  with  care,  and  I  am 
confident  an  anxious  14  zeal  for  the  public  good,"  if  not  "  statesmanship,"  will  be 
discovered.  The  authors  of  the  address  have  quoted  detached  paragraphs,  but 
they  could  not  avoid  showing  that  the  "  paper  money"  mentioned  by  Judge  For- 
man, and  referred  to  by  the  committee,  was  to  be  "  convertible  at  all  times  into 
specie" 


19 


giving  a  bank  charter.*  The  consequence  was  what  he  anticipated — the 
bonus  went  to  the  party  instead  of  the  State.  The  amount  they  have  re- 
ceived can  be  easily  ascertained — it  is  ten  per  cent,  on  twelve  millions  eight 
hundred  and  fifty  thousand  dollars,  during  six  years  last  past,  equal  to  one 
million  two  hundred  and  eighty-five  thousand  dollars.  Divide  this  sum  by 
six,  it  will  be  seen  the  party  has  received  an  annual  subsidy  of  {wo  hundred 
and  twelve  thousand  dollars,  which  has  been  distributed,  not  to  the  rank  and 
file  of  the  party,  but  to  the  file  leaders,  in  sums  proportioned  to  the  number 
of  votes  they  respectively  control.  This  single  manoeuvre  of  Mr  Van  Bu- 
ren,  preventing  bank  bonuses  from  being  paid  into  the  State  Treasury,  has 
had  an  immense  influence.  Would  the  eighty-seven  banks  which  now  over- 
spread the  State,  have  been  chartered,  had  a  bonus  of  ten  per  cent,  been  ex- 
acted by  the  State  1  Beyond  a  doubt,  not  one  in  ten  would  have  been  applied 
for.f  * 


*  The  reasons  for  this  recommendation  were  stated  in  the  message.  The 
bonus  weakened  "  the  security  of  the  public  for  the  performance  of  that  in  which 
the  public  interest  mainly  consisted — the  faithful  redemption  of  their  paper."  It 
led  ki  to  unreal  dividends  and  fraudulent  advances  of  the  stock  in  the  first  in- 
stance, and  to  disreputable  failures  in  the  end  ;  failures  by  which  those  classes 
of  the  community  who  stand  most  in  need  of  the  protecting  care  of  a  good 
government,  are  usually  the  principal  sufferers."  On  looking  over  the  charters 
between  1813  and  1825,  I  find  that  out  of  21  new  banks,  a  bonus  was  required 
only  in  a  very  few  instances.  The  North  River  Bank,  in  1821,  was  required  to 
advance  a  sum  sufficient  to  fill  up  the  Swartwout  meadows,  on  receiving  a  mort- 
gage for  the  amount.  -The  Tradesmen's  Bank,  in  1823,  was  to  pay  an  annual 
tax  of  a  mill  and  a  half  on  the  dollar,  and  the  Fulton  Bank,  in  1 824,  was  required 
to  subscribe  $150,000  for  shares  of  the  Richmond  Turnpike  Company.  These 
are  all  that  I  find,  and  I  leave  those  who  can  to  discover  the  great  benefit 
which  the  state  derived  from  them.  As  to  the  Fulton  and  Tradesmen's  Banks, 
many  will  remember  that  these  institutions  went  into  bad  hands,  that  the  latter 
was  stopped  by  an  injunction  out  of  Chancery,  and  that  both  had  to  fill  up  a 
large  proportion  of  their  stock,  which  was  wholly  lost  to  them.  The  disclosures 
of  the  conspiracy  trials  a  few  years  ago,  will  not  be  forgotten  by  many  for  some 
time  to  come. 

f  All  this  is  a  strange  perversion.  The  amount  of  the  premium  is  in  the  first 
place.  I  be':.eve,  greatly  overrated  and  misstated  ;  then,  the  whole  stock  of  every 
bank  is  represented  as  going  into  the  hands  of  "  the  party."  This  is  a  similar 
view  of  the  subject,  to  that  taken  of  the  Safety  Fund,  and  scarcely  deserves  a  fair 
answer  ;  yet  I  will  endeavour  to  give  one.  The  stock  of  several  of  the  banks 
has,  1  know,  been  distributed,  in  such  manner  as  to  give  the  opposition  at  once  a 
majority  of  it.  A  large  proportion  of  the  stock  is  always  given  to  them.  They 
are  prompt  enough  to  subscribe  for  it.  Yet  I  have  no  doubt  there  have  been 
some  partial  distributions.  To  devise  a  mode  of  securing  perfect  impartiality 
will  be  found  no  easy  task.  In  all  the  charters  since  1828,  it  is  declared  that  no 
more  than  a  certain  limited  sum  shall  be  allowed  to  any  one,  «  directly  or  indi- 
rectly," if  without  such  allowance  the  whole  be  taken  up.  But  speculators  of 
both  parlies  have  evaded  this  restriction,  by  secretly  using  the  names  of  their 
acquaintances  in  making  subscriptions  ;  and  great  complaints  of  partiality  hav  e 
arisen.  Those  who  have  attempted  this  fraud  and  failed  in  it,  are  perhaps  the 
loudest  in  their  lamentations.  Except  from  this  fraud,  few  complaints  could 
have  arisen,  for  there  would  not  have  been  excessive  subscriptions. 

In  1833,  Mr.  Myers,  of  New-York,  brought  the  subject  before  the  legislature, 
and  proposed  distributions  by  auction.  Great  riots  and  disorders  had  taken 
place  at  Philadelphia  under  the  auction  system,  and  the  legislature  were  unwilk 


20 


Another  disastrous  oousequeiicc  of  giving  the  ten  per  cent,  bonus,  or  pre- 
mium, to  the  party,  is,  that  all  its  movements,  and  of  course  the  action  of  the 
State,  since  it  has  been  in  the  hands  of  the  party,  have'  been  directed  to  in- 
crease the  amount  of  this  premium.    For  instance — in  1825  a  law  was  made, 

declaring  that  directors  ami  stockholders  of  banks  should,  in  certain  cases  of 
negligence  aid  fraud,  be  held  personally  responsible.  This  liability  and  risk 
of  course  diminished  the  value  of  stuck,  and  thus  operated  against  the  interest 
of  the  party.  The  law  was  therefore  repealed  in  18311,*  and  the  risk  taken 
from  the  stockholde  rs  and  placed  upon  the  public  by  which  arrangement  the 
premium  on  stock  was  increased,  and  the  Regency  rewarded  for  their  dis- 
interested legislation,  j* 

Innumerable  other  instano  s  mi,  I  cited  to  prove  that  the  grand  princi- 
ple which  has  governed  the  policy  of  the  State  since  the  Regency  came  into 
power  is,  "the  yrice  of  bank  stock."    Yet  the  parti/  profess  to  be  opposed  to 


ing  to  adopt  it;  but  to  aid  detection  and  exposure,  the  lists  showing  all  the  sub- 
scriptions and  the  distribution,  were  directed  to  be  officially  published  in  the 
newspapers'.  This  does  not  look  like  an  "attempt  to  withdraw  the  attention  of 
the  people." 

In  1834,  Governor  Marcy  presented  the  subject  again  to  the  legislature  in 
his  message.  The  br.nk  comir.ittoe  of  the  assembly  reported  unanimously  in 
favour  of  auction  sales,  seder  rert^is  detailed  regulations.  An  animated  and 
full  discussion  ensued.  The  qaesC  :i  .  I  whether  the  new  plan  would  preterit 
old  complaints  without  creating  new  evils.  The  plat!  was  defeated.  It  was 
determined,  gradually  to  follow  Governor  Marcy's  prop,  sal,  and  by  restricting 
tfce  issues  and  lessening  the  prolits  ot  banks,  at  once^o  increase  their  security 
and  extinguish  the  forced  unnatural  deaf  id  for  them,  aud  the  abuses  arising  from 
the  pienuums  on  stock. 

*  See  Act  of  1  nth  March,  18.10. 

f  1  remember  thatalmost  every  intrlligent  man  in  New- York,  of  both  parties, 
was  in  favour  ot  this  repeal,  because  the  high  and  severe  peualties  imposed  by 
the  law  would  prevent  any  responsible  and  careful  man  from  being  either  a  stock- 
holder or  director.  The  New- York  banks  whose  charters  had  expired,  peremp- 
torily refused  to  accept  re-charters  upon  these  conditions.  It  WSJ  not  to  be 
expected  that  this  old  and  odious  law  should  be  brought  forward  by  the  com- 
mittee. The  writer  of  the  address  cannot  long  have  been  familiar  with  our 
city. 

The  charge  that  all  the  movements  "of  the  party  have  been  directed  to 
increase  the  amount"  of  premiums,  has  been  shown  to  be  false  already.  But 
another  remark  occurs  about  the  premiums.  How  does  it  happen  that  they  are 
so  large?  Why  are  rr.en  so  willing  to  invest  their  money  in  bank  stock ?  We 
were  just  now  told  about  "  the  deceptive  name  of  safety" — that  "  an  untimely 
frost  to  nip  the  hopes  of  spring,  or  a  hail  storm  to  beat  down  the  ripening  har- 
vest," would  break  "  the  whole  train"'  of  banks,  and  they  wTould  sink  "  into  a 
gulf  of  hopeless  ruin  !"  Yet  all  other  debts  must  be  paid  before  the  stock- 
holders can  receive  any  thing,  and  we  rind  that  monied  men,  of  whom  the  oppo- 
sition have  such  a  large  proportion  in  their  ranks,  are  so  eager  to  invest  money 
in  bank  stock,  that  they  will  give  $110  for  $100  of  it  !  The  fact  is,  the  new 
banking  system  has  made  the  stock  safe  as  well  as  the  bills,  otherwise  it  would 
be  below  par,  as  it  was  formerly.  Our  opponents,  in  attempting  to  rake  up 
another  false  charge  against  us,  have  given  us  the  strongest  possible  evidence 
of  the  great  success  of  the  Safety  Fund,  w  hich  it  was  their  main  object  to  attack 
and  disparage.  It  is  pleasant  to  hear  them  talk  about  the  value  of  bank  stock, 
for  it  has  been  made  safe  and  consequently  valuable  by  the  superintendence  and 
scrutinies  of  the  bank  commissioners,  in  whom,  it  is  very  plain,  the  public 
generally,  and  themselves  of  the  number,  fully  confide. 


21 


3ank  Monopolies — they  cry  no  bank,  even  now, .  while  the  newspapers  are 
ret  filled  with  advertisements  for  the  sale  of  the  last  brood  which  was  hatched 
at  Albany !  But  the  people  cannot  be  so  deceived — the  stale  trick  of  the 
thief's  joining  the  hue  and  cry,  will  no  longer  serve  them.  When  the  hum- 
ble retainers  of  the  Regency  cry  out  "no  bank,"  the  people  will  ask,  why  then 
have  the  Regency  created  fifty-six  banks  in  six  years?  No,  if  ever  there 
was  a  Bank  Party  in  this  State,  in  the  United  States,  or  in  the  world,  it  is  the 
Regency  Party.  Banks  have  been  the  beginning,  the  middle  and  the  end  of 
their  open  plans  and  secret  designs.  Bank  stock  is  the  aliment  of  the  party — 
bank  stock  is  their  catholicon,  their  universal  medicine — bank  stock  is  the  en- 
gine by  which  they  hoped  to  perpetuate  their  reign  in  this  State,  and  extend 
it  over  the  Union !  We  earnestly  appeal  to  the  people  of  this  State,  and  ask 
them,  in  the  language  of  the  late  address  of  the  Regency  members  of  Congress, 
applied  by  them  with  much  less  propriety  to  another  subject,  "Whether  they 
do  not  owe  it  to  themselves  and  their  posterity ;  to  the.  honour  of  their  State ; 
to  the  integrity  of  the  Constitution,  and  the  permanence  of  our  glorious  Union, 
to  rally  in  opposition  to  the  Great  Monied  Dynasty  which  now  virtually  denies 
to  the  agents  of  the  people,  and  to  the  people  themselves,  the  government  of 
the  country."* 

True,  the  party  is  now  opposed  to  the  United  States  Bank.  But  the  char-, 
acter  of  an  opposition  must  depend  upon  the  principle  or  motive  on  which  it 
is  based.  In  1826,  when  the  people  of  this  State  were  smarting  under  the 
evils  of  a  paper  currency,  and  the  legislature  turned  a  deaf  ear*to  the  impor- 
tunities of  the  very  men  who  now  constitute  the  Regency  to  establish  new 
banks,  they,  with  Martin  Van  Buren  at  their  headf  went  to  the  Bank  of  the 
United  States,  and  humbly  besought  them  to  establish  a  branch  at  Albany. 


*  This  is  powerful  language,  and  if  it  shall  convince  any  man  thai  a  '-great 
monied  dynasty"  is  eminently  dangerous,  I  shall  be  the  last  one  to  regrefit. 
But  all  that  is  really  proved  against  Mr.  Van  Buren  and  his  friends,  is  that  find- 
ing a  very  faulty  and  unsafe  banking  system  in  operation,  which  might  leave  the 
people  kl  wholly  dependent"  upon  the  United  States  Bank,  they  have  endeavour- 
ed to  improve  it,  and  have  made  it  stable  and  sound  ;  they  have  increased  the 
banking  capital  of  the  state,  to  give  greater  security,  and  to  accommodate  her 
increasing  business  and  wealth;  and  they  have  been  prompt  to  expose  abuses, 
and  have  made  very  effective  efforts  in  many  instances  to  correct  and  prevent 
them.  There  is  nothing  in  all  this  to  convict  them  of  insincerity,  when  they 
condemn  abuses  in  a  national  institution,  and  oppose  it  either  as  unconstitutional 
or  uncontrollable  by  the  laws,  nor  when  they  attempt  still  further  to  improve  the 
currency  by  introducing,  as  far  as  possible,  gold  and  silver  coins  in  the  place  of 
paper  money.  It  is  no  light  matter  to  charge  such  a  large  body  of  men  with 
the  grossest  deception  and  falsehood.  But  who  raised  the  cry  against  banks  ? 
Who  started  the  opposition  against  paper  money?  Who  originated  complaints 
against  a  "  great  monied  dynasty  ?"  Who  exposed  the  abuses  in  distributing 
stock?  Let  these  questions  be  fairly  answered,  and  then  it  will  be  seen  uho 
those  are  that  adopt  "  the  stale  trick  of  the  thief's  joinwg  in  the  hue  and  cry." 

f  Then  the  United  States  Bank,  chartered  under  the  pretence  of  regulating 
the  currency,  but  establishing  only  "  a  paper  currency,"  did  not  prevent  the 
people  from  then  "smarting  under  its  evils"?  Quere.  Did  they  smart  any  last 
winter?  It  may  be  borne  in  mind,  that  the  legislature  here  referred  to,  was 
the  same  which  elected  Mr.  Van  Buren  United  States  Senator,  and  a  majority  of 
which  was  composed  of  those  who  still  support  both  national  and  state  adminis- 
trations, 


22 

The  petition  is  extant,  signed  by  Martin  Van  liuren  and  Governor  Marry, 
and  others,  and  cannot  be  denied.  This  fact  proves  incontestibly  that  the 
opposition  of  the  Regency  to  the  Bank  of  the  United  States  is  nut  founded 
upon  constitutional  or  financial  objections;  but,  on  the  contrary,  that  they 
approve  of  the  most  obnoxious  feature  in  its  character,  the  right  \>>  establish 
branches  jn  the  several  ^States  in  opposition  to  tlie  legislative  will  of  those 
States.* 

What  then  is  the  motive  of  this  recent  and  raging  opposition,  which  over- 
turns every  thing  in  its  course — the  prosperity  of  the  people,  the  laws  of  the 
land,  the  sacred  faith  of  the  nation? 

There  are  two.  The  first,  and  of  no  little  importance  to  the  Party,  is  to 
divert  the  attention  of  the  people  from  hofjJi — from  our  own  State  affairs — 
from  the  monstrous  sacrifices  w  hich  the  Regency  have  marie,  and  are  ma- 
king, of  the  honour  and  interests  of  the  State  of  New- York  to  theirown  selfish 
views  and  treasonable  designs.  The  Hank  of  the  United  State-sis,  at  all 
events,'  a  lesser  evil  than  the  Regency  Hanks,  and  one  which  affects  us 
infinitely  less,  and  is  less  within  our  reach  and  control.  Why  should  we  go 
abroad  to  seek  for  monsters,  when  our  own  house  is  surrounded  and  besieged 
by  them?  Why  are  we  urged  on  to  this  foreign  crusade  while  domestic 
evils  of  greater  magnitude  are  left  unchecked  at  home?  Will  the  Regency 
give  us  a  reason?  Or  shall  we  be  left  to  believe  that  the  whole  outcry  has 
been  got  up  to  draw  off  the  attention  of  the  people  from  the  gross  abuses  of 
their  confidence. f 

There  is  a  second  motive  for  this  opposition.  It  is  the  premium  on  bank 
stock.  The  removal  of  the  Bank  of  the  United  States  will  create  a  «wide 
vacuum,  to  be  filled  by  other  banks.    Nor  will  the  speculators  be  satisfied 


*  I  know  nothing  of  this  petition,  of  its  date  or  contents.  When  the  mer- 
chants of  Albany  desired  a  branch  there,  and  the  power  of  the  Bank  under  its 
present  charter  was  admitted,  a  resident  of  Albany  would  readily  recommend  the 
place.  T^lere  was  110  ,nore  harm  in  it  than  in  receiving  and  passing  a  Branch 
Bank  bill.  I  mean  a  bill  signed  by  the  President  and  Cashier  of  the  parent 
B.ank,  which  alone  has  authority  by  the  charter  to  Ls^ue  them,  and  not  Branch 
checks,  contrived  to  evade  the  law,  and  issued  to  be  used  as  bills.  Mr.  Webster 
and  Mr.  Clay  advised  them  as  perfectly  right  and  proper;  but  I  differ  from  them 
on  this  as  on  many  other  subjects. 

f  This  argument,  if  it  be  such,  certainly  "  works  both  ways."  For  several 
years  past,  the  whole  country  has  been  engaged  in  discussing  the  subject  of  the 
conduct,  expediency,  and  constitutionality  of  the  United  States  Bank*  The 
Bank,  having  once  been  defeated,  now  publishes  its  resolution  to  apply  again  for  a 
re-charter.  The  war  has  been  carried  on  for  years,  and  appears  now  to  have 
arrived  at  its  crisis.  At  this  moment  the  present  address  appears,  in  which 
it  is  proposed  either  to  drop  that  question  entirely,  or  to  consider  it  of  secondary 
importance,  and  in  which  certainly  very  great  pains  are  taken  «'  to  draw  off  the 
attention  of  the  people"  from  the  United  States  Bank^  and  from  everything 
else,  and  to  direct  it  solely  against  the  phantom  of  a  «•  Regency."  Neither 
can  it  be  admitted  that  "  it  is  a  lesser  evil"  than  the  State  Banks ;  nor  M  one  which 
affects  us  infinitely  less,  and  is  less  within  our  reach  and  control."  The  State 
Banks  are  small,  acting  as  checks  upon  each  other,  and  perfectly  within  "  the 
reach  and  control1'  of  the  laws.  We  have  been  informed  by  the  address,  that 
our  excellent  Comptroller  could  play  upon  them  as  easy  as  upon  an  instrument, 
of  music,  and  that  "  the  Regency"  could  mould  them  in  every  shape.  Although 
this  is  untrue,  yet  they  certainly  have  never  been  seen  to  set  the  laws  at 
defiance.    The  United  States  Bank  we  think  has  done  this. 


23 


with  merely  supplying  the  vacancy.  We  have  the  light  of  experience  on 
this  subject. 

The  old  Bank  of  the  United  States,  whose  capital,  amounted  to  only 
$10,000,000,  less  than  one  third  the  present  bank,  expired  March  4th, 
1811.*  At  that  time  there  were,  as  we  have  before  seen,  but  ten  banks  in 
this  State;  but  to  supply  the  place  of  the  United  States  Bank,  thirteen  more 
were  created  during  that  and  the  two  succeeding  years.  The  effect  was  still 
more  palpable  in  Pennsylvania,  where  the  United  States  Bank  was  located. 
There  were  butjfoMr  banks  in  that  State  at  the  dissolution  of  the  old  bank. 
Wi  hin  three  years  after  that  event,  forty-one  State  Banks  were  establish- 
ed.f  Similar  effects  were  produced  in  other  States.  Based  upon  these  facts, 
the  Regency  reasonably  calculated  upon  the  sale  of  at  least  ten  millions  of 
bank  stock,  on  the  dissolution  of  the  United  States  Bank.  Indeed,  the  Legis- 
lature, in  anticipation  of  that  event,  at  their  last  session,  as  every  body  re- 
members, were  on  the  point  of  incorporating  a  bank  with  ten  millions  capital.  J 
In  less  than  twenty  months,  the  charter  of  the  United  States  Bank  expires, 
at  which  time  the  Regency  are  sure  of  a  'division  of  ten  millions  of  stock, 
with  more  than  a  probability  that  it  will  be  twenty  millions.  In  other  words, 
if  a  renewal  of  their  charter  is  refused  to  the  United  States  Bank,  the  Re- 
gency are  sure  of  a  bonus  of  one  million  of  dollars,  with  a  fair  chance  of 
two.§*  This  is  perfectly  understood  by  the  leaders  of  tens  and  the  leaders  of 
hundreds,  among  whom  it  is  to  be  divided  in  sums  of  fifties  and  hundreds,  and 
thousands,  according  to  their  respective  merits.  These  persons  know  what 
they  are  fighting  for,  and  perfectly  appreciate  the  advantages  of  victory.  Is 


*  I  do  not  know  how  much  of  this  capital  was  used  in  our  State  ;  probably  at 
that  time  a  large  proportion  of  it.  The  present  Bank  employs  {$2,500,000  in  the 
city,  and  $500,000  in  other  parts  of  the  State,  but  draws  out  of  the  State  a  large 
amount  of  funds  that  ought  to  remain  here.  It  may  now  wind  up  its  concerns 
without  seriously  affecting  us.  Some  of  its  stock  is  owned  abroad ;  but  having 
paid  off  our  public  debt,  we  are  now  ready  to  pay  off  the  foreign  stockholders, 
if  they  please  to  withdraw  their  funds.  We  were  not  thus  ready  when  the  old 
Bank  expired. 

f  1  have  no  opportunity  of  ascertaining  the  correctness  of  these  statements. 
I  presume  they  are  as  near  the  truth  as  other  parts  of  the  address. 

\  "  On  the 'point  of."  Some  New- York  merchants,  oppressed  by  the  panic  and 
distress  ot  last  winter,  proposed  a  charter  of  this  kind,  to  provide  as  well  against 
the  dissolution  as  against  the  extraordinary  curtailments  and  policy  of  the  United 
States  Bank.  A  Senator,  at  their  request,  introduced  a  resolution  of  inquiry, 
but  stated  that  he  was  not  in  favour  of  the  plan.  Governor  Marcy,  in  his  mes- 
sage on  the  loan  bill,  pointedly  condemned  the  project,  and  that  was  the  end  of 
it.  The  committee  appear  determined  at  all  hazards  to  abuse  every  thing  which 
was  calculated  to  interfere  in'  any  shape  with  the  United  States  Bank.  They  very 
carefully  omit  to  notice  the  fact,  that  their  friends,  now  owning  its  stock,  are  to 
receive  a  bonus  of  several  millions  of  dollars,  without  the  inconvenience  of  a  distri- 
bution, if  the  Bank  can  by  any  means  be  re-chartered. 

§  Strike  out  the  words  "  refused"  and  "  Regency,"  and  insert  "  granted" 
and  "opposition"  in  their  places,  in  this  sentence.  Does  it  not  read  better  ?  ]f 
so,  corresponding  alterations  should  be  made  throughout.  Mr.  Webster,  it  is 
true,  asked  a  bonus  of  three  millions  for  a  renewal  of  the  charter;  but  the  mer- 
chants of  his  own  city,  whom  he  admitted  to  be  respectable  and  responsible, 
offered  to  pay  ten  millions,  and  also  to  pay  interest  on  the  public  deposites,  for  a 
similar  charter.  Yet  Mr.  Webster  could  not  advance  the  price,  and  the  bank 
bill  passed  the  two  houses  of  the  former  congress,  containing  only  his  original 
proposition,    (See  the  President's  Veto  Message.) 


it  not  reasonable  to  supers  -,  that  the  expectation  of  one.  and  perhaps  two 

millions  of  dollars,  should  influence  the  opinions  and  excite  the  zeal  of  the 
Regency,  in  their  opposition  to  the  Bank  of  the  United  States?  And  what 
merit  is  the  party  entitled  to  claim  for  an  opposition  stimulated  by  such  mo- 
tives? •  Are  they  entitled  to  call  themselves  the  "no  bank"  party,  because, 
when  their  interest  dictates  they  oppose  a  tingle  bank,  and  from  the  same 
motive  create  fifty-six  ?  They  are  not  Opposed  to  it  he-cause  they  think  it 
unconstitutional — if  so,  why  did  they  apply  for  a  branch  to  be  established  in 
this  Stat.';  ?  They  are  not  opposed  to  it  because  they  think  bank  paper  viti- 
ates the  curreuey — if  so,  why  luive  they  created  ten  and  twelve  paper  manu- 
factories every  year,  till  they  have  driven  almost  every  hard  dollar  from  the 
State  ?  They  are  not  opposed  to  it,  because  they  think  that  banks  tend  to 
corrupt  the  people,  and  subvert  our  liberties — if  so,  why  have  they  bound 
together,  in  one  common  interest,  seventy-seven  banks  in  this  one  State? 
What!  shall  we  be  told  that  the  Bank  of  the  United  States,  diffused  through 
the  whole  Union,  is  dangerous  to  the  jj'-ople,  by  its  overgrown  power;  and 
that  eighty-seven  banks,  hound  into  one,  in  a  single  State,  are  not  dangerous 
to  the  people  of  that  State?  No,  the  Urgency  cannot  oppose  the  Bank  of  the 
United  States  without  involvim:  t!xms<lves  at  every  step  in  the  most  absurd 
and  palpable  contradictions — and  the  reason  is  obvious. — They  are,  and 
always  have  been,  Bank-men,  in  precept  and  in  practice — in  principle  and  in 
interest.  Their  very  opposition  arises  from  their  excessive  bankism — from 
the  hope  to  rear,  from  the  ruins  of  the  United  States  Bank,  a  progeny  of  State 
Banks — to  enrich  themselves  and  pillage  the  people. 

The  regency  are  untiring  in  their  efforts*  to  convince  the  people  that  the 
sole  object  of  the  opposition  is  to  re-establ;sh  the  present  Bank  of  the  United 
States.    Nothing  can  be  more  false. f    It.  is  notorious  that  many  of  the 


*  "Untiring  efforts"  are  here  again  charged.  If  these  be  evidences  of  inte- 
rested or  other  bad  motives,  let  any  one  make  a  comparison  of  the  efforts  of  the 
two  parties.  I  have  before  me  a  circular  letter  of  the  <%  Corresponding  Com- 
mittee appointed  by  the  Whig  General  Committee"  of  this  city,  copies  of  which 
have  been  extensively  circulated  throughout  the  State.  It  contains  this  pas- 
sage:— "  We  would  recommend  that  emery  voter  be  visited  at  his  own  house,  and 
where  his  political  sentiments  do  not  accord  with  our  own,  that  argument  and 
persuasion  and  earnest  entreaty  be  employed  to  convince  him,"  &c.  The  present 
address  of  the  junior  Committee  is,  of  course,  intended  to  furnish  facts  and  state- 
ments  as  the  basis  for  those  arguments  and  persuasions. 

f  It  has  never,  to  my  knowledge,  been  charged  that  it  was  the  sole  object  of  the 
opposition  to  re-establish  the  present  Bank.  If  the.  word,  "one"  had  been 
inserted  instead  of k4  the  sole,"  this  bold  denial  could  not  have  been  made;  for 
the  Committee  have  stated  their  preference  of  the  United  States  Bank  over  the 
State  Banks,  without  saying  one  word  in  favour  of  a  specie  currency.  1  pass 
over  the  several  statements  made  to  bolster  up  their  denial,  merely  by  express- 
ing my  disbelief  in  the  whole  of  them.  Their  main  objects  are  three,  to  get 
into  office ;  to  re-charter  the  Bank;  and  to  put  down  the  "  turbulent  democrats ." 
To  effect  these  object?,  they  must  first  destroy  Martin  Van  Buren,  their  most 
prominent  rival  and  opponent.  And  no  matter  what  may  be  the  consequence, 
they  will  attack  every  thing  or  approve  of  every  thing  to  obtain  their  ends. 
The  Safety  Fund  above  all  things  must  be  put  in  disrepute,  because  it  was 
recommended  by  Mr.  Van  Buren,  and  because  it  presents  an  insuperable  obstacle  to 
Bank  dominion.  With  that,  we  are  not  "  wholly  dependent"  upon  the  Bank. 
Hence  the  combined  attack  upon  it  last  winter,  and  hence  the  misrepresentation 
of  it  in  the  present  address. 


leading  members  of  the  opposition  are  decidedly  opposed  to  the  bank.  And 
it  is  believed  that  not  a  Whig  in  the  United  States  would  approve  of  the 
unqualified  renewal  of  the  present  charter.  Times  have  changed,  and  the 
experience  of  twenty  years  has  disclosed  many  defects.  The  renewal  of 
the  charter  of  the  present  Bank  of  the  United  States,  is  not  a  party  test. 
The  only  uniform  and  inflexible  principle  of  the  Whigs,  in  which  all  agree, 
is,  that  a  sound^  currency  is  of  the  first  importance,  not  merely  to  the  pros- 
perity of  the  country,  but  to  the  honesty  and  industry  of  the  people.* 

What  is  the  best  means,  is  not  now  a  subject  of  discussion — other  matters 
of  more  pressing  and  vital  importance  are  now  before  us.  The  first  and  all- 
important  question  is,  shall  the  people  govern,  or  shall  a  corrupt  cabal — a 
miserable  oligarchy — a  self-constituted,  self-styled  regency,  arrogate  to  them- 
selves all  power,  and  in  the  sacred  name  of  the  people  rob  the  treasury, 
subvert  the  laws,  and  annihilate  the  state !  Shall  New-York  continue  to 
be  a  mere  stake  in  the  game  at  Washington,  to  be  played  off  at  any  odds 
by  a  desperate  political  gambler  ?  No,  not  if  we  inherit  the  spirit  of  our 
fathers.f 

We  appeal  to  the  Young  Men  of  New- York  to  rescue  our  state  from  dis- 
grace. Let  us  at  length  cease  to  hear  New-York  derided  for  her  tame  sub- 
mission to  the  abuses  of  her  rulers— a  quoted  example  throughout  the  Union 
of  political  debasement,  of  cunning  trickery,  and  party  management — of  a 
narrow,  selfish,  temporizing  policy — of  an  absence  of  the  high  principles  and 
spirited  independence  of  a  proud  democracy.  J 


*  This  last  sentence  expresses  the  truth.  This  is  their  "  only  uniform  and 
inflexible  principle.'*  "Life,  liberty,  and  the  pursuit  of  happiness,"  those  great 
principles,  those  "  inalienable  rights,"  which  cost  our  fathers  so  much  blood 
and  treasure,  are  placed  in  the  back  ground,  or  sacrificed  to  the  comparatively 
contemptible  object  of  establishing  "a  sound  and  uniform  currency."  In  other 
words,  the  sacred  name  of  "  Whig"  is  assumed  as  a  cloak  to  a  principle,  which 
in  substance  amounts  merely  to  a  love  of  money ;  and  well  has  it  been  remarked, 
that  <;  like  the  mantle  of  Charity  it  covereth  a  multitude  of  sins." 

f  The  "  only  principle"  is  now  to  be  exerted  in  the  display  of  a  regard  for  the 
independence  of  the  people,  stolen  from  them  by  the  *  Regency!"  Who  con- 
stitute this  dangerous  "  Regency  ?"  We  were  at  first  told  that  they  were  ««  not 
chosen  by  the  people."  Then  the  secret  was  disclosed,  that  they  were  "  ap- 
pointed" by  Martin  Van  Buren.  (Seepage  18,)  The  word,  1  find,  implies  a 
delegated  authority.  We  must  then  suppose  that  Mr.  Van  Buren  looked  about 
him  for  "six  or  seven"  " liliputian  statesmen,"  "  small,  mean  men,"  and  com- 
missioned them  "  to  arrogate  to  themselves  all  power,  and  in  the  sacred  name  of 
the  people  to  rob  the  treasury,  subvert  the  laws,  and  annihilate  the  state  /"  By 
this  M  seZ/'-constituted  Regency"  we  are  informed,  New- York  "  has  been  for 
several  years  governed."  Truly,  Martin  Van  Buren  is  a  "  Magician"  of  the 
first  water.  Nothing  but  magic  could  perform  such  wonders.  The  spirits 
raised  by  his  charm,  possess  not  only  magical  powers  of  the  highest  order,  but 
those  genuine  qualities  immateriality  and  invisibility.  They  are  unknown  and 
unseen,  and  we  have  not  even  the  poor  privilege  of  repeating  their  names. 

|  Now,  the  "  only  principle"  turns  itself  into  a  regard  for  the  name  of  New- 
York  !  If  our  State  be  derided  abroad,  it  results  solely  from  the  conduct  of 
those  new-fashioned  "  Whigs,"  who,  to  injure  the  standing  of  Mr.  Van  Buren 
and  his  friends,  made  these  same  general  and  intangible  charges,  unproved  and 
incapable  of  proof,  on  the  floor  of  Congress;  choosing  for  such  an  object  to 
degrade  the  State  in  the  eyes  of  the  nation,  both  by  the  statements  they  made 
and  by  descending  to  make  them.    And  do  they  desire  to  rescue  the  State  from 

4 


How  long  is  she  destined  to  exhibit  the  humiliating  spectacle  of  B  ppWSffill 
state,  hound  and  enmeshed  by  liliputian  strite-snicn  !  A  proud  state,  of  honoura- 
ble  fame,  and  high  destiny,  crouching  low  ly  at  the  feet,  and  doing  submi»i\el\ 
the  biddings  of  small,  mean  men,  who  stamp  upon  the  golden  metal  of  her 
honour  their  own  b;ise  etfiiri'-s!  L«  t  us  bund  ourselves  togel  ier — let  the 
Younjr  Men  in  every  county,  who  love  the  honour  of  their  state,  band  them- 
selves together,  and  swear  never  to  cease  from  the  contest  until  the  misere- 
ants,  who  thus  tarnish  the  name  oi"  New-York,  are  -tripped  and  gibbeted 
beiore  the  people  as  they  are.  There  l<-t  them  stand,  corrupt  and  corrupt- 
ing, objects  of  scorn  and  loathing — a  perpetual  warning  to  swindling  poli- 
ticians, that  even  in  polities  "  honesty  is  the  best  pel  icy."* 


disgrace,  who,  both  at  home  and  abroad,  misrepresent  and  disparage  her  lares ; 
abuse  and  vilify  her  jmhlic  men,  and,  to  frown  their  acts,  dennum  *  fur  freeborn  sons 
as  "crouching'  slaves  to  "  a  miserable  (>tigar<  h  >j  .'"  Let  them  beware  of  the 
indignation  they  invoke ! 

*  1  have  thus  arrived  at  the  conclusion  of  this  address, — an  address  assuming 
exclusively  for  its  authors  the  name  of  u  Whigs,"  and  branding  all  who  cross 
their  path  as  M  Tories,"  »<  miscreants,"  and  swindling  politicians  advocating 
no  particular  measures,  but  merely  a  change  of  men;  urging  that  all  those  in 
office  are  utterly  unworthy  of  trust,  and  that  men  of  their  own  stamp  should  be 
received  into  confidence  and  placed  in  power;  beginning  with  the  imputation  of 
"  deception,  intrigue,  falsehood,  bribery,  and  violence,"  and  ending  with  the 
maxim  that  "  honesty  is  the  best  policy  ;''  and  1  appeal  to  the  candid  reader  to 
say,  if  I  have  not  shown  the  address  itself  to  be  a  tissue  of  falsehoods  from  begin- 
ning to  end,  evidently  intended  uto  blind,  mislead,  and  cheat  the  high  tribunal" 
to  which  it  appeals.  I  challenge  a  scrutiny  ef  all  my  statements,  and  to  aid  it, 
have  referred  to  the  most  convenient  authorities. 

The  address  is  without  signature  of  any  kind.  It  professes  to  emanate  from 
the  young  men  of  the  city  generally;  but  its  title-page  informs  us  of  its  origin. 
Its  extensive  and  forced  circulation  in  the  country,  and  its  extraordinary  cha- 
racter, has  drawn  forth  this  reply;  in  which,  as  one  young  man  of  the  city  of 
New- York,  speaking  for  myself,  and  expressing  (I  am  confident)  the  sentiments 
and  feelings  of  a  vast  number  of  my  class,  I  utterly  disclaim  the  doctrines,  the 
tone,  and  the  morality  of  the  production. 

Its  authors  inform  us  that  they  are  "actuated  by  no  selfish  motives,"  and  at 
the  same  time  that  they  are  ambitious  '-to  follow  in  the  train  of  power  and 
participate  in  her  glittering  honours."  In  the  circular  letter,  their  friends 
are  assured,  that  their  opponents  u  well  know"  •*  united  efforts  can  easily  strip 
them  of  power."  Yet  this  additional  evidence  was  scarcely  necessary,  to  show 
the  efficiency  of  selfishness,  in  bewildering  the  head  or  corrupting  the  heart  of 
him  who  is  under  its  influence. 

The  address  passes  over  in  silence  all  those  great  subjects  of  national  controversy 
which  have  so  lately  agitated  the  Union  and  convulsed  the  commercial  community. 
Can  this  be  considered  otherwise  than  as  an  entire  abandonment  of  the  cause  ? 
Then,  all  the  excitement  created  in  relation  to  those  subjects,  is  to  be  at  once 
used  and  lost  in  a  struggle  for  the  offices  and  the  patronage  of  the  State  !  And 
although  members  of  congress  are  to  be  chosen  at  the  approaching  election,  yet 
they  are  only  to  be  sent  to  Washington  to  oppose  those  incorporeal  and  invisible 
wizards  of  the  11  Regency  !"  Be  it  so.  But  I  must  be  pardoned  for  disbelieving 
that  either  the  abandonment  of  the  question  by  my  opponents,  or  thelTdeceptive 
attempt  to  obtain  by  indirection  what  cannot  be  gained  in  the  fair  field  of  con- 
troversy, diminishes  in  the  least  my  own  grounds  for  confidence  in  the  correct- 
ness of  my  former  opinions. 

In  another  point  of  view,  I  rejoice  at  the  effect  this  address  and  the  policy  it 
adepts  will  ^oduce.  It  cannot  be  called  a  prediction,  so  certain  is  the  result,  that 


27 


the  democracy  of  the  country,  who  have  so  often  smarted  under  the  evils  of  a  paper 
currency,  and  the  abuses  of  incorporations,  who  have  been  aroused  by  the  conduct 
of  the  Bank  of  the  United  States,  and  who  are  now  excited  and  urged  on  by  these 
attacks  upon  the  state  institutions,  will  not  stay  their  hand,  nor  be  diverted  from 
their  purpose,  until  they  obtain  a  solid  and  substantial  currency,  nor  until  they  put 
an  end  to  premiums  on  stocks,  and  place  all  chartered  monopolies  upon  a  fair 
footing  of  equality  with  private  individuals.  It  matters  not  to  them  whether  "  the 
Regency"  (if  there  be  such  a  body)  shall  suffer  by  this  course,  or  whether  (as  I 
suppose  is  the  fact)  the  cry  of  "Recency"  has  been  raised  by  the  monied  aristo- 
cracy of  the  cities,  "to  divert  attention,"  while  they  themselves  are  the  indi- 
viduals, who,  owning  these  very  institutions,  will  be  the  only  sufferers  by  a 
reform.  The  democracy  care  not  for  either,  and  need  only  to  be  awakened  to 
ensure  the  exercise  of  the  power  they  possess  of  remedying  every  abuse  that 
can  be  found.  I,  for  one,  believe  that  none  will  execute  their  wishes  either  with 
less  injury  to  the  rights  of  property,  which  many  individuals  have  honestly 
acquired,  or  with  more  certainty  of  fixing  the  equal  rights  of  the  citizen  upon  a 
firm  and  lasting  basis,  than  those  who  began  the  work,  and  who  are  now 
intrusted  with  the  higher  offices  of  government. 

I  subscribe  myself,  then,  with  renewed  pleasure,  a  friend  of  the  present  gene- 
ral and  state  administrations,  and 

A  Democratic  Republican. 


